Rupeeflo Raises $1 Million in Funding to Enhance NRI Investment Services

Fintech startup Rupeeflo has successfully secured $1 million in funding during a pre-seed round spearheaded by Piper Serica Angel Fund. The funding round also saw participation from fintech professionals such as Ravi Shankar, who co-founded Active AI, along with Kishore Natarajan and Kedar Kulkarni, co-founder of Hyperverge.

Funding Utilisation by Rupeeflo

The startup plans to utilise this funding to launch a comprehensive NRI investment platform, provide instant UPI access, and broaden its international operations. Established in 2024 by Dharmendra Maurya, Ashish Jha, and Manav Bharambe, Rupeeflo aims to simplify banking and investing processes for NRIs in India. Its initial focus will be on the U.S. and U.K., with ambitions to expand into various international NRI hotspots.

Efficient Banking Solutions for NRIs

Through Rupeeflo, NRIs can now digitally apply for an NRE/NRO account within just 10 minutes, gaining effortless and paperless access to stock markets, mutual funds, and index funds without the typical regulatory challenges.

Ashish Jha pointed out, This is a significant untapped opportunity within the fintech sector. In the USA alone, NRIs possess over $300 billion in low-yield savings overseas due to the complexities associated with investing in India. The startup is addressing this issue, enabling NRIs to engage with India’s growth instead of merely observing from afar.

Piper Serica’s Role in the Funding Round

Piper Serica acts as an asset manager that invests in both public and private markets in India. It oversees a SEBI-registered PMS, provides advisory services for a Mauritius-based offshore fund, and operates the Piper Serica Angel Fund that supports early-stage startups, managing assets valued at over Rs 1,000 crore.