DPDzero announced it has raised $3.25 million in a seed funding round led by Blume Ventures and IndiaQuotient, according to ETtech report.
The round also saw participation from banking and fintech leaders such as Sunil Gulati and Nikhil Kumar, the company said in a statement.
DPDzero plans to use the funds primarily to “enhance product distribution, expedite product development, and assemble a high-calibre team”, a statement said.
Ananth Shroff and Ranjith BR, who were from the founding team of fintech API infrastructure platform Setu, set up DPDzero in March 2022.
DPDzero had raised Rs 3.9 crore in a funding round led by Better Capital last year. “Our journey is in its early stages, but our commitment to reshape the financial landscape is unwavering. We know lending is hard, but collection is harder. We want to solve the hardest problem first,” said cofounder & CEO Shroff.
“With economic growth, credit is set to rise, further driven by initiatives like AA (Account Aggregator) & OCEN (Open Credit Enablement Network). This will onboard many New To Credit (NTC) customers but there is a risk of increasing NPAs (non-performing assets), necessitating a focus on collection. DPDzero has an exciting roadmap for improving the credit landscape and we’re proud to support their journey,” said Sajith Pai, partner at Blume Ventures.
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