Indian fintech startup DPDzero has successfully secured $3.25 million in a seed funding round, led by Blume Ventures and IndiaQuotient. Notable investors Sunil Gulati and Nikhil Kumar have also joined this investment round. Previously, in June 2022, this Bengaluru-based startup had already raised INR 3.9 crore in its pre-seed round, which was led by Better Capital.
The new funding injection will be primarily directed towards bolstering product distribution, accelerating product development efforts, and attracting top-tier talent to help realize DPDzero’s ambitious goals, as stated in their recent press release.
Founded by Ananth Shroff and Ranjith Ramachandra, DPDzero is dedicated to addressing challenges across all phases of lending. The company has developed unique behavioral models designed to predict and proactively mitigate potential defaults.
Remarkably, in just 10 months, DPDzero reports a staggering 700% growth in revenue attributed to its AI-powered collections and debt recovery platform. The company has successfully formed partnerships with notable non-banking financial companies (NBFCs), including Tata Capital, KreditBee, Cashe, Lazypay, and Snapmint.
June also marked a significant milestone for Blume Ventures, as they announced the first close of their new opportunity fund, Fund 1Y. This growth-focused fund has already raised INR 200 crore (approximately $25 million) out of the targeted INR 400 crore (approximately $50 million).