Decentro Secures Rs 26.3 Crore in Series B Funding

Decentro, a fintech startup supported by Y-Combinator, is set to raise Rs 26.3 crore (approximately $3 million) in its Series B funding round, led by Info Edge. They have received financial backing from Startgazer Ventures and Infinyte Club Angel Fund as well.

This funding round comes around 2.5 years after Decentro raised $4.7 million, led by Rapyd Ventures, Leonis VC, and Uncorrelated Ventures, with contributions from Kunal Shah, Founder and CEO of CRED, Lalit Keshre, Co-founder and CEO of Groww, along with several angel investors.

Funding Breakdown

The Decentro board has approved the issuance of 2 equity shares and 14,260 Series B CCPS at an issue price of Rs 18,442 each to raise the intended Rs 26.3 crore or $3 million, according to regulatory filings accessed from the Registrar of Companies (RoC).

Info Edge is reportedly leading this funding round with an investment of Rs 25 crore, while Startgazer Ventures and Infinyte Club Angel Fund are set to contribute Rs 1 crore and Rs 30 lakh, respectively.

Company Background and Services

Founded in 2020, Decentro operates as an API platform that simplifies banking integrations for businesses. This functionality allows businesses to quickly launch and scale financial products. The platform provides a full-stack solution for onboarding, account creation, payments, and various banking services, enabling companies to concentrate on their core business offerings.

This marks the first occasion that the Singapore-based company will obtain funding through an Indian entity.

Financial Performance

According to its consolidated financial statements filed with the Registrar of Companies, Decentro reported a 47% year-on-year surge in operating revenue, achieving Rs 17.7 crore in FY24, rising from Rs 12 crore in FY23. However, during the same fiscal year, the company faced a loss of Rs 2.46 crore, a shift from the profit it had reported in the previous year.