Fintech startup DPDzero has raised $3.25 million in its seed round led by Blume Ventures and IndiaQuotient. Sunil Gulati and Nikhil Kumar have also joined the round.
Earlier in June 2022, the Bengaluru-based startup had raised Rs 3.9 crore in its pre-seed round led by Better capital.
The new proceeds will be used to enhance product distribution, expedite product development, and assemble a high-calibre team to achieve the company’s ambitious objectives, DPDzero said in a press release.
Founded by Ananth Shroff and Ranjith Ramachandra, DPDzero solves problems across all stages of lending and has developed unique behavioural models to predict and prevent defaults.
In a span of 10 months, the firm claims to have witnessed 700% growth in revenue from its AI-powered collections and debt recovery platform. It has partnered with NBFCs like Tata Capital, KreditBee, Cashe, Lazypay and Snapmint.
In June, Blume Ventures announced the first close of its new opportunity fund, Fund 1Y. The growth fund has already raised Rs 200 crore ($25 million) of the Rs 400 crore ($50 million) target.
