Rupeeflo, a fintech startup aimed at simplifying banking and investment processes for Non-Resident Indians (NRIs), has successfully raised $1 million in a pre-seed funding round. The round was led by Piper Serica Angel Fund, with participation from notable fintech veterans, including Ravi Shankar, Kishore Natarajan, and Kedar Kulkarni. This funding marks a significant step forward for the startup, which was co-founded in 2024 by Dharmendra Maurya, Ashish Jha, and Manav Bharambe.
PC: Instahyre
Founded to bridge the gap between NRIs and the Indian financial system, Rupeeflo makes it seamless for NRIs to apply for a Non-Resident External (NRE) and Non-Resident Ordinary (NRO) account in less than 10 minutes. The platform offers a paperless experience that will allow access to stock markets, mutual funds, and index funds, so all the regulatory pressures that make things complicated about investing are bypassed.
Dharmendra Maurya, Co-founder and CEO of Rupeeflo stated that NRIs usually struggle with financial services in India. He said that NRIs have been the backbone of India’s economy for decades, yet the financial system has kept them at arm’s length. It has been a maze of delays, paperwork, and regulatory roadblocks for opening a bank account, investing in India, or even simple transactions. Rupeeflo aims to remove these friction points so that NRIs can engage with India’s growth story without unnecessary complications.
Purpose of the Funding
The fresh capital will be used to establish a full-stack NRI investment platform and bring instant UPI access. Rupeeflo is also targeting the international markets starting with major countries like the U.S. and the U.K. It looks to reach out to the Indian communities globally and fulfill the financial requirements of NRIs across various hubs.
Ashish Jha, another co-founder, pointed out the vast untapped potential in the NRI market, noting that NRIs in the U.S. alone hold over $300 billion in low-yield savings due to the complexities of investing in India. He emphasized that Rupeeflo is committed to resolving these issues, enabling NRIs to actively participate in India’s financial landscape rather than remaining passive observers.
The Market Landscape
Even though India’s financial markets have grown at a record rate, with more than 18 crore Demat accounts, NRIs have only about 7 lakh accounts. Outdated banking processes and regulatory bottlenecks have made it a challenging task for many to invest in India. Rupeeflo will bridge this market gap by streamlining the investment journey of NRIs using advanced technology.
Abhay Agarwal, Founder and Fund Manager of Piper Serica Angel Fund, said he was excited about the mission of Rupeeflo. He added that NRIs are an integral engine for India’s economic growth. They are very excited that Rupeeflo is ensuring that this engine works at peak capacity by removing various points of friction in NRI investments.
Rupeeflo’s recent funding is a promising development for NRIs seeking streamlined access to financial services in India. By leveraging technology to simplify banking and investment processes, Rupeeflo aims to empower NRIs to engage actively with the Indian financial market. As the startup prepares to roll out its full-stack investment platform, its approach could redefine how NRIs interact with financial institutions, ultimately fostering greater participation in India’s economic growth.
