Bengaluru/Mumbai : Rupeeflo, a fintech built to bring India’s financial ecosystem closer to the Indian diaspora, has raised $1 million in funding in a pre-seed round led by Piper Serica Angel Fund. Fintech veterans , including Ravi Shankar (Co-Founder of Active AI), Kishore Natarajan, and Kedar Kulkarni (Co-Founder -of Hyperverge), participated in the maiden round. Founded in 2024 by Dharmendra Maurya, Ashish Jha, and Manav Bharambe, Rupeeflo is making banking and investing in India seamless for NRIs.
With Rupeeflo, NRIs can now digitally apply for an NRE/NRO account in less than 10 minutes and have easy and paperless access to stock markets, mutual funds, and index funds without regulatory headaches. 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 Yet, NRIs hold a mere 7 lakh accounts hindered by outdated banking processes and regulatory bottlenecks that make investing in India unnecessarily complex.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.
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. Rupeeflo will use the funding to roll out a full-stack NRI investment platform, introduce instant UPI access, and expand its global presence. Starting with the U.S. and U.K. , Rupeeflo is gearing up to bring its services to global Indian communities worldwide by expanding across NRI hubs.
