DPDzero raises $3.25m in Seed round from Blume & IndiaQuotient
By Gloria Mathias
DPDzero, an India-based FinTech with a vision to build a robust repayments infrastructure has raised $3.25 million in Seed Funding led by Blume Ventures and IndiaQuotient.
The round also saw participation from banking and FinTech leaders such as Sunil Gulati and Nikhil Kumar. The founders, Ananth Shroff, and Ranjith BR, who were from the founding team of FinTech API infrastructure platform Setu, set up DPDzero in March 2022. The company raised Rs 3.9 crore in Pre-seed round led by Better Capital last year.
We plan to use the funds primarily to “enhance product distribution, expedite product development, and assemble a high-calibre team”, noted the Founders.
“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,” Ananth Shroff, CEO and Co-Founder of DPDzero, shared his vision.
“With economic growth, credit is set to rise, further driven by initiatives like AA & OCEN. This will onboard many New To Credit (NTC) customers but there is a risk of increasing NPAs, necessitating a focus on collection. Blume’s thesis on collection tech saw us investigating this space deeply. DPDzero stood out amongst all, and the collection product that Ananth and Ranjith have built impressed us. DPDzero has an exciting roadmap for improving the credit landscape and we’re proud to support their journey,” noted Sajith Pai, Partner at Blume Ventures.
Anand Lunia, Partner at IndiaQuotient said, “We are big believers in DPDzero’s vision to build infrastructure that enables traditional and non-traditional lenders to manage risk and collections. 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.”
“With the strong tailwinds from India stack scale-up, adding the next 200M people into formal credit could be sooner than expected. Risk and collections will go through a massive innovation, and DPDzero is in the best position to take all the advantage.” Nikhil Kumar, co-founder of Setu, shares his views on DPDzero’s opportunity.
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