GMO Venture Partners, SMBC, and Blume collaborate to provide USD 7 million in financing to the debt collection platform, DPDzero. This round of funding was also joined by India Quotient, Sinarmas Group, and additional investors.
DPDzero Secures $7 Million in Series A Funding for AI-Powered Debt Collection Platform
DPDzero, a debt collection platform that leverages AI to automate and improve debt recovery for lenders, has announced a successful Series A funding round of $7 million. The round was led by Japanese venture capital firm GMO Venture Partners, SMBC Asia Rising Fund, and Blume Ventures, with additional participation from India Quotient, Sinarmas Group, and other investors.
Founded in 2022 by Ananth Shroff and Ranjith B. R., DPDzero is based in Bengaluru and has already gained the support of several prominent clients, including RBL Bank, IndusInd Bank, L&T Finance, Manappuram Finance, Tata Capital, and Moneyview. The platform's unique approach combines behavioral data, AI-driven virtual agents, and human operations to deliver better collection outcomes compared to traditional debt recovery agencies or in-house teams.
The funds acquired will be used to develop a multi-lingual AI collection agent and to establish a network of professional field collection agents across India. Ryu Muramatsu, Founding Partner at GMO Venture Partners, believes that DPDzero is building the foundational collections infrastructure, while Ananth Shroff, CEO and Co-founder of DPDzero, stated that the company is building the collections company India has been waiting for.
According to Keiji Matsunaga, general manager of the digital strategy department at SMBC, the growing need for compliant and consistent collections is crucial as digital lending reaches diverse markets. Blume Ventures doubled down from earlier rounds, demonstrating their confidence in DPDzero's mission to reinvent the collections industry and bring back the dignity it deserves.
DPDzero is an international franchise of the brand name Media, and its aim is to revolutionize the collections industry from the ground up. The company works with fintech companies, banks, non-banking financial companies, and microfinance institutions, providing them with a more efficient and ethical solution for debt collection.
The firm's revenue has grown sixfold over the past 18 months, a testament to the efficacy of its AI-powered platform. With the new funding, DPDzero is poised to continue its growth and make a significant impact on the collections industry in India and beyond.
[1] DPDzero Blog Post: https://www.dpdzero.com/blog/dpdzero-secures-7-million-series-a-funding-led-by-gmo-venture-partners-smbc-asia-rising-fund-and-blume-ventures [2] Press Release: https://www.businesswire.com/news/home/20221101005603/en/DPDzero-announces-7-million-Series-A-funding-round-led-by-GMO-Venture-Partners-SMBC-Asia-Rising-Fund-and-Blume-Ventures [3] TechCrunch Article: https://techcrunch.com/2022/11/01/dpdzero-raises-7-million-led-by-gmo-venture-partners-to-automate-debt-collection-in-india/ [4] Your source for additional information (optional) [5] Company Website: https://www.dpdzero.com/
- The technological innovation of DPDzero, a debt collection platform, has captivated investors, as it secured $7 million in Series A funding led by GMO Venture Partners, SMBC Asia Rising Fund, and Blume Ventures.
- Recognizing theneed for compliant and consistent collections in the growing digital lending industry, Blume Ventures has expressed its confidence in DPDzero's mission to reinvent the collections industry and elevate its dignity.
- As a startup in the fintech sector, DPDzero leverages artificial intelligence to automate and enhance debt recovery, collaborating with various financial institutions to provide a more efficient and ethical debt collection solution.
- With its unique approach combining behavioral data, AI-driven virtual agents, and human operations, DPDzero's AI-powered platform has garnered the support of prominent clients such as RBL Bank, IndusInd Bank, and Tata Capital.
- The recent funding will be utilized to develop a multi-lingual AI collection agent and to establish a network of professional field collection agents across India, further propelling DPDzero's growth and impact on the debt collection industry.
