DPDzero, a groundbreaking FinTech firm in India, has successfully concluded its latest funding endeavour. The company, which focuses on AI-powered collections and debt recovery solutions, raised an impressive $3.25m in a funding round.
This seed funding round was prominently led by notable entities, Blume Ventures and IndiaQuotient. Furthermore, distinguished figures in the banking and FinTech sectors such as Sunil Gulati and Nikhil Kumar played active roles in this investment.
Established in March 2022, DPDzero was the brainchild of its founders, Ananth Shroff and Ranjith BR. The duo, who are also recognised for their roles in the foundational team of FinTech API infrastructure platform Setu, created DPDzero with a distinct vision in mind. Their primary aim is to address the evident challenge of credit penetration in India and to bridge the gap in the financial infrastructure that would serve the underprivileged.
DPDzero intends to channel the freshly acquired funds to bolster its product distribution, expedite its product development, and recruit an adept team of professionals who align with the company’s objectives.
Ananth Shroff, CEO and Co-Founder of DPDzero, remarked, “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.”
The firm’s achievements are evident in its striking 700% growth in revenue over a mere span of 10 months. Such success stems from its collaborations with ambitious NBFCs such as Tata Capital, KreditBee, Cashe, Lazypay, and Snapmint, and the rising interest shown by premier private banks.
Sajith Pai, Partner at Blume Ventures, expressed his sentiments, “At 55% of GDP, India’s credit penetration is far below the global average of 148%. DPDzero stood out amongst all, and we’re proud to support their journey.”
Anand Lunia, Partner at IndiaQuotient, voiced his support stating, “Ananth, Ranjith and the DPDzero team have an exciting roadmap for the future of the credit landscape in India and we’re proud to support their journey.”
Lastly, it is noteworthy that DPDzero had previously garnered Rs 3.9 crore in a Pre Seed round steered by Better Capital last year. Their forward trajectory involves ambitious plans to elevate their revenues through land and expansion strategies in the next 12-18 months.
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