Decentro Raises ₹30 Crores in Funding, Plans Relocation to India
Bengaluru-based fintech startup Decentro has successfully secured ₹30 crores in a financing round led by Infoedge Ventures. This announcement comes alongside the company’s strategic decision to relocate its parent entity from Singapore to India within the next 12 to 18 months.
Funding Details and Industry Backers
The funding round has attracted notable participation from Stargazer, co-founded by Lalit Keshre of Groww, as well as contributions from existing investors and relevant industry players. The influx of capital aims to enhance Decentro’s product offerings and accelerate business adoption among clients.
Decentro’s Growth and Profitability
Founded in 2020 by Rohit Taneja and Pratik Daudkhane, Decentro claims to have achieved profitability. The company now serves a diverse clientele of over 1,300 businesses, including banks, non-banking financial companies (NBFCs), and other fintech firms. Their suite of application programming interfaces (APIs) facilitates seamless integration for clients, focusing on crucial operations like Know Your Customer (KYC) compliance, data intelligence, payments, and debt collection.
Strategic Vision for the Future
Rohit Taneja, the company’s CEO, emphasized their vision, stating, “Our goal has always been to make financial and banking infrastructure simple, secure, and reliable on a large scale. This fundraising allows us to double down on what works well; deep partnerships with corporate customers and developing products that cater to critical financial flows.”
Relocation: A Strategic Move
With the planned move back to India, Decentro joins a growing trend of Indian startups relocating from foreign markets such as the United States and Singapore. This shift is seen as a reflection of enhanced regulatory clarity and heightened ambition within the Indian fintech ecosystem.
Market Trends: The Flip Phenomenon
Decentro’s decision marks a significant moment in the fintech landscape, reminiscent of recent moves by prominent players like Razorpay and Groww. These companies have successfully completed a process referred to as an “inverted flip,” which allows foreign entities to merge with their Indian subsidiaries without extensive legal hurdles.
Looking Ahead: Building for Global Opportunities
As Decentro establishes its roots in India, they are not just focused on local developments. Pratik Daudkhane noted, “This flip is a strong declaration of our commitment to India and our belief in its ability to foster and evolve global financial infrastructure companies. We are building not only for India but also for global opportunities.”
In summary, Decentro’s recent funding success and strategic relocation signify a robust commitment to the Indian fintech market, aiming to capitalize on emerging global opportunities while enhancing their core services for businesses.