Fintech Startup Decentro Bags INR 30 Cr, Plans Reverse Flip

SUMMARY

The investment was led by InfoEdge Ventures, with participation from Stargazer Growth, along with existing investors, including Uncorrelated Ventures

The fresh capital will be deployed to deepen enterprise adoption, enhance product capabilities and expand its trade and marketing initiatives

Further, the fintech startup is also planning to shift back its parent entity from Singapore to India over the next 12-18 months

Fintech startup Decentro has secured INR 30 Cr (around $3.5 Mn) in a Series B funding round led by InfoEdge Ventures.

The round also saw participation from Stargazer Growth, along with existing investors, including Uncorrelated Ventures, among others.

The startup plans to use the fresh capital to deepen enterprise adoption, enhance product capabilities and expand its trade and marketing initiatives across financial institutions.

With this latest investment, the company claims to have raised close to $10 Mn in total funding till date.

Decentro’s cofounder and chief executive Rohit Taneja said, “This fund raise allows us to double down on what’s working well; deep partnerships with enterprise customers and building products that power mission-critical financial flows.”

Further, the fintech startup is also planning to shift back its parent entity from Singapore to India over the next 12-18 months. “India is where it all started, and we want to make this our long-term base with the eventual flip.” Taneja added.

Founded in 2020 by Taneja and Pratik Daudkhane, Decentro is a full-stack API banking startup that allows companies select their modules, integrate with sandbox (banking APIs) and launch products within a few days.

Recently, the company claimed to have launched two new products namely, Scanner, which operates as a real-time user profiling and risk assessment engine, and Neobot, a multilingual AI voice agent for automated debt collections.

In November 2022, Decentro bagged $4.7 Mn in its Series A funding round. The startup also counts Rapyd Ventures, Y Combinator, Plug & Play, UpSparks VC and Leonis VC among its other investors.

On the financial front, the company reported its revenue from operations rose 47.5% to INR 177.4 Cr in the financial year ending March 2024, compared to INR 120.3 Cr, a year ago, as per Tofler data.

Meanwhile, Decentro incurred a loss of INR 24.6 Cr, while it reported a profit of INR 2.3 Cr in the previous fiscal year.

This also comes at a time when there has been a rising interest among investors in backing fintech startups.

Only a day ago, Pune-based fintech startup LoanTap raised Pre-Series C funding of INR 74 Cr (around $8.6 Mn) in a mix of equity and debt infusion.

Being the most funded sector of 2024, it is projected that the overall Indian fintech market opportunity would reach over $2.1 Tn, growing at a CAGR of 18% by 2030.