EvolveX invests Undisclosed amount in Fintech startup Rupid
EvolveX by We Founder Circle has
invested an undisclosed amount in the Hyderabad based Fintech start-up Rupid in
its Pre-seed funding round. This investment came under the 3rd Cohort
of Evolve X where they invested in 7 startups in total. Apart from EvolveX,
Pedalstart, and Beej Network also participated in the round. 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.
Founded by Gowtham Alluri, Karishma,
and PC Varma 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 workers in India.
Rupid, led by visionary co-founders
Gowtham Alluri, Karishma, and PC Varma, has taken the initiative to address
these financial burdens by forging strategic partnerships with organizations.
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 the client acquisition
capabilities."
On the investment Bhawna
Bhatnagar, Co-Founder, EvolveX affirmed “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. The investment in Rupid aligns with our commitment
to support forward-thinking solutions that have the potential to bring
financial empowerment to large segment of the employed population.
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 the
financial well-being of employees apart from their flagship product of
No-cost, on-demand salary access.
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