EvolveX by We Founder Circle, which provides acceleration to early-stage start-ups, has invested an undisclosed amount in Hyderabad-based fintech Rupid in its pre-seed funding round.
Pedalstart and Beej Network also participated in the round. EvolveX has invested in seven start-ups in its third cohort.
The funding will help Rupid to address the financial challenges faced by India's employed workforce and further enhance its earned wage access and employee financial benefit platform.
Rupid was co-founded by Gowtham Alluri, Karishma, and PC Varma. It is an earned wage access and employee financial benefit platform that partners with companies to provide employees with instant access to their earned salaries.
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Alluri, co-founder and CEO of Rupid, said, "The infusion of capital from this funding round will empower Rupid to leverage the best in technology and client acquisition capabilities."
Bhawna Bhatnagar, co-founder of EvolveX affirmed, “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.”
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