Fintech startup DPDzero, launched by former Setu executives, on Wednesday said it has raised Rs 3.9 crore as a part of its pre-seed funding round led by Better Capital.
The Bengaluru-based company plans to deploy the fresh capital to make innovative technology accessible across all cohorts of lenders and help them limit their focus to acquiring new borrowers and not spend expensive engineering bandwidth building non-scalable internal tools to keep operations running.
The round also saw participation from angel investors including Kunal Shah (founder - CRED), Ramanathan RV (co-founder, Hyperface), Nishchay AG (co-founder & chief executive officer at Jar), Vijay Rajagopalan (head of sales & business development, Amazon Pay (Offline) and Abhishek Kothari (co-founder, FlexiLoans.com), among others.
Founded by Ananth Shroff and Ranjith B R in March this year, DPDzero offers automation modules which enables lenders to analyze borrowers' repayment behaviour, segment borrowers based on risk profile and engages with them across multiple channels to drive collections.
Both Shroff and Ranjith were from the founding team of fintech API infrastructure platform, Setu.
“To meet the shortfall in credit demand in India, lenders need to scale up their capital base and improve their operational processes. We're helping fintech and NBFCs of all sizes automate and streamline the entire lending operations, so they can focus on acquiring the right borrowers,” said Ananth Shroff, co-founder and chief executive officer, DPDzero.
"DPDZero combines our long-term conviction in two big areas - fintech and automation. Having seen automation opportunities across several organizations from marketing and sales to finance and design via our investments, we are excited to be founding stage partners to DPDZero as the team builds the automation stack for fintech companies in India and across global markets,” said Vaibhav Domkundwar of Better Capital.
Founded in 2018 by Silicon Valley entrepreneur Vaibhav Domkundwar, Better Capital invests in businesses. It plans to invest in 35-40 companies from this fund in the pre-seed and seed rounds across sectors with the median check size being $300,000.
The Indian fintech market currently stands as the third largest fintech ecosystem in the world behind the US and China. India’s fintech space has seen an exponential rise in funding over the last few years as investments worth more than $8 billion have already been witnessed across various stages of investment in 2021.
