Rupifi, India’s 1st Embedded Finance company which operates in the B2B Payments space through its B2B Buy Now Pay Later (BNPL) and SME-focused Commercial Card products, today announced that it has secured $8M venture debt.
Led by Alteria Capital, Trifecta Capital, and Innoven Capital, this fundraise is an extension of $25M Series-A round that Rupifi announced in January 2022.
Speaking about the round, Anubhav Jain, Co-Founder and CEO of Rupifi said, “The growing interest of investors is a testament of our strong business fundamentals and B2B payments market potential. We have witnessed increased adoption of B2B BNPL among SMEs and identified varied use cases for B2B payments across different sectors in the last few months. To further increase penetration and plug the gaps in the largely manual B2B payments, we plan to utilize the funds for further strengthening our B2B Checkout Product and creating an omni-channel mobile-first B2B payments solutions.”
The focus on building end-to-end B2B payment solutions will enable us to expand beyond digital marketplaces and cater to the requirements of the traditional and mainstream B2B supply chains where the processes and transactions are still offline. Addressing the needs of the offline segments will help us take a step ahead towards our goal of disrupting the B2B payments and transactions ecosystem in India.”
The B2B payments and transactions in India and across the globe are largely manual and unorganized with small businesses, particularly SMEs, consistently facing issues across different steps of their Transaction Life Cycle, including Invoicing, Payment Reconciliation, and Accounting. This is where Rupifi’s tech-driven integrated solutions are addressing the bottlenecks in the ecosystem and unlocking value for small businesses in India. Started as a B2B BNPL Product focusing on the Digital B2B Marketplaces in mid-2020, currently, Rupifi’s B2B BNPL is operating at some of the category-leading B2B marketplaces with some marquee names such as Flipkart Wholesale, Retailio, and Fynd among others in India across sectors such as FMCG, Pharma, Fashion, Electronics, Agriculture and Food with over 24 online market places catering to 70,000 small businesses.