According to the company's statement, the raised capital would be utilized towards enhancing product development and distribution and assembling a team to achieve the company’s objective.
DPDzero aims to fix delayed repayments
The duo Ananth Shroff and Ranjith Ramachandra founded DPDzero in March 2022 with an aim to fix the root cause of delayed repayments. The startup said it solves problems across all stages of lending and has developed unique behavioural models to predict and prevent defaults.
The startup claims to have partnered with non-banking financial companies like Tata Capital, KreditBee, Cashe, Lazypay, and Snapmint and attracted interest from top private banks.It also claims to have witnessed 700% growth in revenue from its AI-powered collections and debt recovery platform.
“At 55% of GDP, India's credit penetration is far below the global average of 148%. With economic growth, credit is set to rise, further driven by initiatives like AA & OCEN. This will onboard many New To Credit (NTC) customers but there is a risk of increasing NPAs, necessitating a focus on collection," said Sajith Pai, Partner at Blume Ventures.
"Blume’s thesis on collection tech saw us investigating this space deeply. DPDzero stood out amongst all, and the collection product that Ananth and Ranjith have built, impressed us. DPDzero has an exciting roadmap for improving the credit landscape and we’re proud to support their journey."
Anand Lunia, Partner at IndiaQuotient, said DPDzero's vision to build infrastructure enables traditional and non-traditional lenders to manage risk and collections.