Fintech startup DPDzero raised USD 3.25 million in Seed funding round led by Blume Ventures and IndiaQuotient. Sunil Gulati and Nikhil Kumar have also participated in the round.
The fresh capital is intended for strategic allocation, primarily to enhance product distribution, expedite product development and assemble a high-calibre team, the company said in a statement.
The startup claims that in a span of 10 months, it has witnessed 700 per cent growth in revenue from its AI-powered collections and debt recovery platform. It has partnered with ambitious NBFCs like Tata Capital, KreditBee, Cashe, Lazypay, Snapmint and has witnessed strong interest from top private banks.
Sajith Pai, Partner at Blume Ventures said, “At 55 per cent of GDP, India’s credit penetration is far below the global average of 148 per cent. 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.”
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