August 29, 2023, Hyderabad – 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 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.