A pre-seed round led by the Piper Serica Angel Fund has raised $1 million for the fintech startup Rupeeflo.
Veterans of the fintech industry such as Kedar Kulkarni (co-founder of Hyperverge), Kishore Natarajan, and Ravi Shankar (co-founder of Active AI) also took part in the initial round.
The money will be used by Rupeeflo to launch a full-stack NRI investment platform, provide immediate access to UPI, and increase its global footprint.
Dharmendra Maurya, Ashish Jha, and Manav Bharambe founded Rupeeflo in 2024 to simplify banking and investing for non-resident Indians (NRIs) in India. It seeks to spread across international NRI hubs, beginning with the United States and the United Kingdom.
With Rupeeflo, non-resident Indians (NRIs) can now easily and paperlessly access stock markets, mutual funds, and index funds without having to deal with regulatory hassles. They can also apply digitally for an NRE/NRO account in less than ten minutes.
“We see this as one of the biggest untapped opportunities in fintech. In the USA alone, NRIs have over $300 billion in low-yield savings overseas because investing in India has been too complex. We are fixing the problem so that they can participate in India’s future instead of just watching from the sidelines,” said Ashish Jha.
An asset manager that makes investments in both the public and private markets of India is Piper Serica. Overseeing more than Rs 1,000 crore in assets, it operates the Piper Serica Angel Fund for early-stage startups, advises an offshore fund based in Mauritius, and manages a PMS that is registered with SEBI.
