Rupeeflo raises $1 million in funding from Piper Serica to redefine financial access for NRIs

Fintech startup Rupeeflo has raised $1 million in funding in a pre-seed funding round led by Piper Serica Angel Fund. 

Fintech veterans, including Ravi Shankar (Co-Founder of Active AI), Kishore Natarajan, and Kedar Kulkarni (Co-Founder -of Hyperverge), participated in the maiden round.

What does Rupeeflo do?

Founded in 2024 by Dharmendra Maurya, Ashish Jha, and Manav Bharambe, Rupeeflo is making banking and investing in India seamless for NRIs.

The startup enables NRIs to digitally apply for an NRE/NRO account in less than 10 minutes. It provides seamless, paperless access to stock markets, mutual funds, and index funds without regulatory hurdles.

Purpose of fundraising

Rupeeflo will use the funding to roll out a full-stack NRI investment platform, introduce instant UPI access, and expand its global presence.

Starting with the U.S. and U.K., the startup is gearing up to bring its services to global Indian communities worldwide by expanding across NRI hubs.

Leadership comments

“For decades, NRIs have been the backbone of India’s economy, yet the financial system has kept them at arm’s length. Opening a bank account, investing in India, or even making simple transactions has been a maze of delays, paperwork, and regulatory roadblocks. With Rupeeflo, every NRI can get started in just 10 minutes and be part of India’s growth story without friction,” said Dharmendra Maurya, Co-founder and CEO of Rupeeflo.

The startup said that India’s financial markets are experiencing record-breaking growth, with over 18 crore Demat accounts. Yet, NRIs hold a mere 7 lakh accounts hindered by outdated banking processes and regulatory bottlenecks that make investing in India unnecessarily complex. 

“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, Co-founder of Rupeeflo.

“NRIs are an integral engine for India’s economic growth. We are very excited that Rupeeflo is ensuring that this engine works at peak capacity by removing various points of friction in NRI investments. The company is using advanced technology to digitize the journey of NRI investors. Rather than being disruptive , Rupeeflo has taken a highly collaborative approach to working with all stakeholders in the ecosystem,” said Abhay Agarwal, Founder and Fund Manager of Piper Serica Angel Fund.