Vikasa India EIF I Fund, a collective investment scheme based in Mauritius, has contributed $5 million in pre-Series A funding to RUGR Fintech Private Limited, a fintech platform with a rural focus that is revolutionizing digital payments and banking access throughout India.
Key Highlights
- RUGR Fintech secures $5 million in pre-Series A funding from Vikasa India EIF I Fund.
- Funding will fast-track product development, expand operations, and strengthen fintech solutions for underserved markets.
Compulsorily Convertible Preference Shares (CCPS) were used to make the investment, which gives the business a $25 million post-money equity valuation.
In order to support RUGR's explosive growth, the proceeds will be utilized to fortify working capital, make new strategic investments, and expand technology infrastructure.
RUGR Fintech was established with the goal of empowering banks, companies, and marginalized communities by providing a one-stop platform for digital payments and rural banking. Among its offerings are managed services, pay-in/pay-out with escrow, real-time payments, and merchant acquisition.
The underbanked and unbanked can now easily access digital banking thanks to RUGR's modern tools for scheduled commercial banks, cooperative banks, and societies.
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RUGR Fintech, a next-generation financial technology company with its headquarters in Bengaluru, focuses on rural economies. Banks and other financial institutions can provide cutting-edge banking solutions to underserved markets thanks to its extensive digital platform, promoting financial inclusion on a large scale.
