Rupeeflo raised $1 million in pre-seed spherical led by Piper Serica Angel Fund, ETCFO
Rupeeflo has raised $1 million in funding in a pre-seed spherical led by Piper Serica Angel Fund. Fintech veterans , together with Ravi Shankar (cofounder of Energetic AI), Kishore Natarajan, and Kedar Kulkarni (cofounder of Hyperverge), participated within the maiden spherical.
Based in 2024 by Dharmendra Maurya, Ashish Jha, and Manav Bharambe, the corporate is making banking and investing in India seamless for NRIs.
“For many years, NRIs have been the spine of India’s economic system, but the monetary system has stored them at arm’s size. Opening a checking account, investing in India, and even making easy transactions has been a maze of delays, paperwork, and regulatory roadblocks. With Rupeeflo, each NRI can get began in simply 10 minutes and be a part of India’s progress story with out friction,” stated Dharmendra Maurya, cofounder and CEO of Rupeeflo.
NRIs are underserved by current monetary programs and therefore the corporate purpose to deliver an on-demand mindset to NRI banking and investing, guaranteeing prompt entry, minimal paperwork, and easy participation in India’s monetary progress, it stated.
NRIs can digitally apply for an NRE/NRO account and have entry to inventory markets, mutual funds, and index funds with out regulatory points.
India’s monetary markets are experiencing record-breaking progress, with over 18 crore Demat accounts. But, NRIs maintain a mere 7 lakh accounts hindered by outdated banking processes and regulatory bottlenecks that make investing in India unnecessarily complicated.
Within the USA alone, NRIs have over $300 billion in low-yield financial savings abroad as a result of investing in India has been too complicated.
As India turns into an $8 trillion economic system by 2031, NRIs will play a vital position not solely as buyers but additionally as a driving pressure in India’s monetary progress. Nevertheless, the true problem lies not in intent however in entry, it stated.
“NRIs are an integral engine for India’s financial progress. We’re very excited that Rupeeflo is guaranteeing that this engine works at peak capability by eradicating varied factors of friction in NRI investments. The corporate is utilizing superior know-how to digitize the journey of NRI buyers. Moderately than being disruptive , Rupeeflo has taken a extremely collaborative strategy to working with all stakeholders within the ecosystem,” stated Abhay Agarwal, founder and fund supervisor, Piper Serica Angel Fund.
Rupeeflo will use the funding to roll out a full-stack NRI funding platform, introduce prompt UPI entry, and increase its international presence. Beginning with the US and the UK, Rupeeflo will deliver its companies to international Indian communities worldwide by increasing throughout NRI hubs.
