Japan-based GMO Venture Partners is leading a $7 million funding round for fintech startup DPDzero. Blume Ventures, an existing investor, and SMBC Asia also participated in the round.
A total of $4.7 million has been invested in the business thus far by other backers from previous rounds, such as Better Capital, Anmol Maini Ventures, and India Quotient.
With the new funding, the Bengaluru-based company intends to employ its own field collection agents, initially in Bengaluru and then in Maharashtra and Uttar Pradesh. The business will be able to provide comprehensive ethical collection services thanks to these agents.
Using a combination of AI technology and human agents, DPDzero, which was founded in 2022 by Ananth Shroff and Ranjith Ramchandra, assists banks, NBFCs, MFIs, and fintechs with debt collections. Among its customers are Manappuram Finance, L&T Finance, RBL Bank, and IndusInd Bank.
The startup is now handling unsecured loan collections and is branching out into credit card and personal loan lending. To date, it has managed collections for more than 1 crore borrowers, and it currently serves 18 lakh borrowers each month.
