Decentro Secures ₹30 Crore in Series B Funding Led by InfoEdge Ventures
Decentro, a promising fintech startup, has successfully raised ₹30 crore (approximately $3.5 million) in a Series B funding round. The investment was spearheaded by InfoEdge Ventures, with participation from Stargazer Growth and existing investors, including several unnamed companies.
Strategic Use of New Capital
The newly acquired capital is set to enhance Decentro’s business adoption, improve product capabilities, and broaden its commercial and marketing initiatives within financial institutions. The startup aims to leverage this funding to drive growth and maximize its impact in the fintech landscape.
Plans for Transitioning Operations
In a significant move, Decentro plans to shift its parent entity from Singapore back to India within the next 12 to 18 months. Co-founder and CEO Rohit Taneja emphasized, “India is where it all started, and we want to make our long-term base with the possible flip.” This decision signifies a commitment to deepening their roots in the Indian market.
Abolishing Traditional Banking Processes
Founded in 2020 by Taneja and Pratik Daudkhane, Decentro specializes in API banking, providing companies with the ability to choose relevant banking modules and launch products rapidly within a sandbox environment. They have recently launched two innovative products: CTC, a real-time risk-assessment engine, and Neobot, a multilingual AI voice agent designed for automated debt collections.
Financial Growth and Performance
Decentro has reported impressive financial growth, with its operational income rising by 47.5% to ₹177.4 crore for the fiscal year ending March 2024, up from ₹120.3 crore the previous year. However, the company recorded a loss of ₹24.6 crore, compared to a profit of ₹2.3 crore the year before—indicating a period of investment-driven growth.
Investor Confidence in Fintech Startups
The funding round comes amid a surge of interest from investors in supporting fintech startups. Decentro’s recent success echoes the broader trend where fintech continues to be the most funded sector of 2024. Another Pune-based startup, Lowantap, recently raised ₹74 crore in pre-Series C funding, highlighting the robust funding environment for fintech enterprises.
The Future of India’s Fintech Market
With the Indian fintech market projected to reach over $2.1 trillion, growing at a CAGR of 18% by 2030, Decentro is well-positioned to capitalize on this tremendous opportunity. As consumer demand for innovative financial solutions rises, companies like Decentro are pivotal in transforming the landscape of financial services.