India, August 29, 2023– Rupid, a dynamic fintech start-up founded in 2022, proudly announces the successful completion of its pre-seed funding round, securing an undisclosed amount from We Founder Circle, PedalStart, and Beej Network. The funding will fuel Rupid’s mission to address the financial challenges faced by India’s employed workforce and further enhance its innovative earned wage access and employee financial benefit platform.
Approximately 70% of India’s 450 million workforce find themselves living paycheck-to-paycheck, resorting to high-cost emergency credit and payday loans with exorbitant interest rates exceeding 35%. This perpetual cycle of financial stress significantly impacts their overall well-being and hampers personal growth.
Rupid is an earned wage access and employee financial benefit platform that partners with companies to provide employees with instant access to their earned salaries. This service is available in real-time and comes at no additional cost. Through Rupid, 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. Rupid addresses the ongoing need for liquidity among blue-collar, grey-collar, and white-collar workers in India.
Commenting on the occasion, Manas Pal and Aditya Darolia, Co-founders, PedalStart said, “As a proud investor in Rupid, we are elated to embark on this journey alongside a dynamic fintech startup that holds immense promise. Rupid’s visionary approach has ignited our enthusiasm, and we believe in the transformative potential it brings to the financial sector. This strategic investment is a reflection of our commitment to fostering innovation and driving positive change. Rupid’s pursuit of fintech excellence aligns seamlessly with our values, and we’re excited to contribute to their growth story. Together, we’re shaping a future where financial services are smarter, more inclusive, and technologically advanced”.
The younger generations and employed individuals, influenced by consumerism and growing demands, face a decline in income. Expensive credit options and a lack of savings habits exacerbate their challenges. Shockingly, less than 12% of millennials manage to save their earnings, burdened by excessive charges for overdrawing their credit. This alarming situation traps them in a never-ending cycle of debt.
Rupid, led by visionary co-founders Gowtham Alluri, PC Varma, and Karishma Chowdary, has taken the initiative to address these financial burdens by forging strategic partnerships with corporations. Through these collaborations, Rupid provides a “Zero cost, Zero risk” solution for employees to access their earned salaries.
Gowtham Alluri, Co-Founder and CEO of Rupid, expressed his enthusiasm for the recent funding, stating, “The infusion of capital from this funding round will empower Rupid to leverage best in technology and deliver an exceptional product experience to employers and employees. Additionally, the funding will support the improvement of client acquisition capabilities”.
Rupid positively impacts workplace productivity, and retention and helps improve overall organizational productivity, which serves advantage to the Indian economy. For the employed workforce, Rupid is building products that empower employees’ financial well-being apart from their flagship product of No cost, on-demand salary access. Rupid has been a part of Zero-to-One, India’s first community-based outcome-driven cohort for early-stage startups run by PedalStart.
As Rupid strives to revolutionize the financial landscape, the company welcomes interested parties to visit their website at www.rupid.in for more information about their innovative products and services.