Rupifi, a Bengaluru-based fintech firm that offers SMEs on B2B marketplaces a flexible BNPL credit line, announced today that it has secured $8 million in a venture debt round led by Alteria Capital, Trifecta Capital, and Innoven Capital.
Rupifi, founded in 2020 by Anubhav Jain, Ankit Singh, and Jawaid Iqbal, provides embedded financing solutions to B2B marketplaces through its finance platform. Small enterprises (SMEs) in industries such as food, pharmaceuticals, fashion, electronics, agriculture, and general items are now served by the startup.
The platform provides B2B BNPL (buy now, pay later) and SME-focused commercial cards, as well as the ability for clients to incorporate a payment gateway into its marketplace with a variety of alternatives.
Rupifi says the raised funds will be utilized to increase penetration and plug the gaps in the large manual B2B payments. It will also focus on strengthening its B2B checkout products and create an omnichannel mobile-first B2B payments solution.
“We have witnessed increased adoption of B2B BNPL among SMEs and identified varied use cases for B2B payments across sectors in the last few months. The focus on building end-to-end B2B payment solutions will enable us to expand beyond digital marketplaces and cater to requirements of the traditional and mainstream B2B supply chains where the processes and transactions are still offline,” said Anubhav Jain, Co-founder & CEO, Rupifi.
Last year, Rupifi partnered with Flipkart Wholesale on an embedded buy now, pay later (BNPL) project for Flipkart’s eCommerce platform’s micro, small, and medium-sized companies (MSMBs).
Tiger Global Management, Better Capital, Quona Capital, Bessemer Venture Partners, Google For Startups, and Ankur Capital are among the companies that have invested in the venture so far.
Rupifi has partnered with Muthoot Finance, Dhanvarsha, IDFC First Bank, Axis Bank, Piramal Capital & Housing Finance, Western Cap, and Great Meera, according to its website.