Fintech startup Rupeeflo has raised $1 million in funding in a pre-seed round led by Piper Serica Angel Fund. Ravi Shankar (Co-Founder of Active AI), Kishore Natarajan, and Kedar Kulkarni (Co-Founder -of Hyperverge), participated in the maiden round.
The money will be used by Rupeeflo to provide a full-stack NRI investing platform, provide immediate access to UPI, and increase its global footprint. Rupeeflo is preparing to expand across NRI hubs in order to offer its services to Indian communities worldwide, beginning with the U.S. and the U.K.
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The team at Rupeeflo, after building fintech infrastructure for leading startups, identified that NRIs are underserved by existing financial systems and hence aim to bring an on-demand mindset to NRI banking and investing, ensuring instant access, minimal paperwork, and effortless participation in India’s financial growth.
“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.
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 Yet, NRIs hold a mere 7 lakh accounts hindered by outdated banking processes and regulatory bottlenecks that make investing in India unnecessarily complex.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.
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As India becomes an $8 trillion economy by 2031, NRIs will play a crucial role not only as investors but also as a driving force in India’s financial growth. However, the real challenge lies not in intent but in access.
“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. We are delighted to back an amazing team of young but experienced founders as they embark on a journey that will help the nation grow,” said Abhay Agarwal, Founder and Fund Manager, Piper Serica Angel Fund.
About Rupeeflo
Dharmendra Maurya, Ashish Jha, and Manav Bharambe founded Rupeeflo in 2024 with the goal of simplifying banking and investing for non-resident Indians (NRIs) in India. NRIs may now easily and paperlessly access stock markets, mutual funds, and index funds without having to deal with regulatory hassles thanks to Rupeeflo, which allows them to digitally apply for an NRE/NRO account in less than ten minutes.
