Fintech Startup Rupid Raises Pre-Seed Funding From EvolveX
Rupid, a Hyderabad-based fintech startup, has raised an undisclosed amount in pre-seed funding from EvolveX by We Founder Circle. This investment in Rupid came under the 3rd Cohort of Evolve X, where they invested in 7 startups in total.
As per the fintech startup, the funding will fuel its mission to address the financial challenges faced by India’s employed workforce. The raised funds will further enhance its innovative earned wage access and employee financial benefit platform.
Rupid India | Building Financial Wellness Products
Co-founded by Gowtham Alluri, Karishma, and PC Varma, Rupid is an earned wage access and employee financial benefit platform that helps put financial wellness and better money management tools within reach of the salaried workforce.
The fintech startup provides a ‘Zero cost, Zero risk’ solution for employees to access their earned salaries.
Speaking about the development, Gowtham Alluri, Co-Founder and CEO of Rupid, said,
“The infusion of capital from this funding round will empower Rupid to leverage the best in technology and the client acquisition capabilities.”
Rupid has also taken the initiative to address the financial burdens of employees by developing strategic partnerships with organizations. The Hyderabad-based fintech platform partners with companies to provide employees with instant access to their earned salaries in real time and comes at no additional cost.
Using the platform, employees at partner companies can conveniently log in, review their accumulated income, and withdraw a portion of their salary corresponding to the days they have worked. The Hyderabad-based fintech platform addresses the ongoing need for liquidity among workers in India.
Commenting on the development, Bhawna Bhatnagar, Co-Founder of EvolveX, said,
“Financial assistance to large employed population is required in India, and we see a transformative shift in how Rupid, addressing this with its innovative approach and strategic partnerships.”
Bhawna highlighted that the investment in Rupid aligns with their commitment to supporting forward-thinking solutions. The investment in Rupid also underscores EvolveX’s approach to support firms that have the potential to bring financial empowerment to a large segment of the employed population.
Earlier this month, fintech startup Stable Money raised $5 million (around Rs 41.4 crore) in a seed funding round co-led by Matrix Partners India and Lightspeed. Also, Emtech Solutions raised $4 million (Rs 33.13 crore) in a funding round led by Matrix Partners India.
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