Fintech Startup DPDzero has secured $3.25 mn in seed funding round led by Blume Ventures and IndiaQuotient.
Leaders in banking and fintech, including Sunil Gulati and Nikhil Kumar, also participated in the round, the business said in an announcement.
“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 cofounder & CEO Ananth Shroff.
The money will be primarily used by DPDzero to “improve product distribution, hasten the development of products, and put together a high-calibre team.”
“With economic growth, credit is set to rise, further driven by initiatives like AA (Account Aggregator) & OCEN (Open Credit Enablement Network). This will onboard many New To Credit (NTC) customers but there is a risk of increasing NPAs (non-performing assets), necessitating a focus on collection. 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.
DPDzero was founded in March 2022 by Ananth Shroff and Ranjith BR, both former members of the founding group of the Setu.
A Repayments Stack called DPDzero enables lenders to scale their collections with no additional work. They assist financial institutions, including banks, fintechs, NBFCs, and MFIs, in recovering their capital through a variety of loan products.