Fintech startup DPDzero secures $3.25 million in initial funding from Blume Ventures
The fintech startup DPDzero reported that it had acquired $3.25 million in seed funding from Blume Ventures and IndiaQuotient. Angel investors such as Sunil Gulati and Nikhil Kumar also participated in the funding round. According to the release, the fintech startup plans to utilize the funds for strategic allocation, enhancement of product distribution, product development, and talent acquisition.
Established in 2022 by Ananth Shroff and Ranjith Ramachandra, DPDzero works towards delayed repayments and risk management by using Artificial Intelligence to solve patterns and predict and prevent defaults. "At 55% of GDP, India’s credit penetration is far below the global average of 148%. 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, 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", said Sajith Pai, Partner at Blume Ventures.
According to the release, DPDzero witnessed a 700 percent growth in revenue from the AI-powered collections and debt recovery platform within ten months. The firm has partnered with various NBFCs such as Tata Capital, KreditBee, Cashe, Lazypay, and Snapmint, among others. "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 Ananth Shroff, CEO and Co-Founder of DPDzero. India had 3,085 DPIIT-registered fintech startups, according to a written reply to the Lok Sabha by the MoS Corporate Affairs Inderjeet Singh.
According to the Invest India platform, the investment-promotion body of the Indian government, India is among the fastest growing Fintech markets globally, with the industry’s market size valued at $50 billion in 2021 and expected to grow to $150 billion by 2025. Indian digital lending market was worth $270 billion in 2022 and is expected to reach $350 billion by 2023. Indian Fintech sector has received approximately $34 billion in funding from 2014 to 2022.
Established in 2022 by Ananth Shroff and Ranjith Ramachandra, DPDzero works towards delayed repayments and risk management by using Artificial Intelligence to solve patterns and predict and prevent defaults. "At 55% of GDP, India’s credit penetration is far below the global average of 148%. 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, 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", said Sajith Pai, Partner at Blume Ventures.
According to the release, DPDzero witnessed a 700 percent growth in revenue from the AI-powered collections and debt recovery platform within ten months. The firm has partnered with various NBFCs such as Tata Capital, KreditBee, Cashe, Lazypay, and Snapmint, among others. "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 Ananth Shroff, CEO and Co-Founder of DPDzero. India had 3,085 DPIIT-registered fintech startups, according to a written reply to the Lok Sabha by the MoS Corporate Affairs Inderjeet Singh.
According to the Invest India platform, the investment-promotion body of the Indian government, India is among the fastest growing Fintech markets globally, with the industry’s market size valued at $50 billion in 2021 and expected to grow to $150 billion by 2025. Indian digital lending market was worth $270 billion in 2022 and is expected to reach $350 billion by 2023. Indian Fintech sector has received approximately $34 billion in funding from 2014 to 2022.
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