Fintech startup Decentro has raised ₹30 crore in a Series B funding round, led by InfoEdge Ventures with participation from Stargazer Growth and existing investor Uncorrelated Ventures. The funding round will allow the company to continue to grow its footprint in the Indian financial sector.
Decentro, supported by global accelerator Y Combinator, will use the funding to help boost enterprise adoption, expand product features and improve its outreach in the market with financial institutions. Decentro aims to make it easier for banks, fintech, and non-banking financial companies (NBFCs) to build financial services via its API infrastructure.
Decentro, co-founded by Rohit Taneja and Pratik Daudkhane, offers API-based products that enable workflow automation for customer and business verification, online payments acceptance, and AI-based debt recovery. Decentro’s tools provide businesses with the opportunity to automate manual tasks, improve compliance, and increase operational speed.
Decentro currently processes a whopping ₹50,000 crore in payments every year for over 1,300 businesses, including digital lenders, banks, NBFCs and other financial service providers and is now becoming a key ramp up partner for fintechs that want to quickly scale without building out financial infrastructure from scratch.
Decentro is planning to move the registration of its parent company from Singapore to India in the next 12 to 18 months and this is an indication of its growing focus on India as the demand digital financial services is taking off and the fact that it is getting based locally to be able to work more closely with the local regulations and customer requirements.
The organization has introduced two of applications to help financial institutions:
- Scanner: A risk assessment engine that evaluates customer risk in near-real-time allowing lenders to quickly evaluate customer risk.
- Neobot: A voice agent powered by AI which collects debt via phone in regional languages using automated conversations.
Based on information from startup intelligence firm TheKredible, Decentro’s revenue experienced a growth of 47% in the last financial year—from ₹12 crore in FY23 to ₹17.7 crore in FY24. The company also accrued a loss of ₹2.46 crore FY24 after a profit the year prior. It is likely this loss stemmed from substantial investment in product development and expansion.
While a loss is always unfortunate, Decentro’s growing revenues and new products released show its continued dominance in the fintech space. As new funding arrives and the objective of continuing to move to India approaches, Decentro is positioned to play a larger part in the construction of India’s digital financial infrastructure.
