RUGR Fintech, a fintech company revolutionizing rural banking and payments, has raised $5 million in a pre-Series A funding round from Vikasa India EIF I Fund, a collective investment scheme.
The investment, made through Compulsorily Convertible Preference Shares (CCPS), values RUGR at a post-money equity valuation of $25 million.
The fresh funds raised will be used to expand its technology infrastructure and working capital requirements.
Founded in 2022 by Arangasamy KV and Nitthin Mowrya, RUGR provides a comprehensive one-stop platform for banking and payments solutions, including merchant acquisition, real-time payments, pay-in/pay-out with escrow, and other managed services. The company aims to bridge the digital divide by enabling seamless banking access for underbanked and unbanked populations across rural India.
RUGR Fintech said, “This investment is a significant milestone in our journey to transform digital transactions in Rural Bharat. With Vikasa India EIF I Fund’s support, we are well-positioned to expand our solutions, strengthen our technology stack, and bring financial inclusion to millions of underserved communities across India.”
Vikasa India EIF I Fund said, “We are excited to partner with RUGR Fintech in their mission to revolutionize rural banking and digital payments in India. The company’s innovative platform, coupled with its deep commitment to financial inclusion, aligns perfectly with our vision of supporting high-impact ventures that create meaningful change.”
