B2B Payment App Rupifi Raises $ 25 Million From Bessemer, Tiger Global & Others
The business-oriented (B2B) payments app Rupifi has raised USD 25 million (approx Rs 180 crore) in a Series A funding, led by Bessemer Venture Partners and Tiger Global.
Existing investors Quona Capital and Ankur Capital also participated in the round table, alongside Better Capital, the company said in a statement on Friday.
The company was founded in 2020 by Anubhav Jain, Ankit Singh, and Jawaid Iqbal.
The latest funding is Rupifi’s second round of investment in nine months, since the pre-series A round in March 2021.
Rupifi Co-Founder and CEO Anubhav Jain said that with this investment from Bessemer and Tiger Global, we plan to move further towards our goal of disrupting payments and B2B transactions.
Its B2B BNPL (buy-now-pay-later) currently operates across all sectors, such as FMCG, pharma, fashion, electronics, agriculture and food, while the commercial card SME-focused offers flexibility to manage expenses at no cost for shorter periods, he mentioned.
With the latest funding, we are now moving towards creating a comprehensive B2B payment product for marketplaces and omnichannel B2B mobile payment solutions for merchants, distributors and sellers, he added.
Rupifi started with the B2B product BNPL, focusing on digital B2B marketplaces in mid-2020.
Despite moderate economic activity, it has managed to record 50% monthly growth in disbursements over the past 12 months, covering over 50,000 SMEs that work with some big name markets like Flipkart Wholesale, Retailio and Fynd among others.
Vishal Gupta of Bessemer said B2B payments and B2B credit are big issues, with technology being the future to solve them, and the Rupifi team is building on that, keeping SMEs at heart.
In the country’s $ 1 trillion B2B commerce and payments space, Rupifi has demonstrated rapid growth and proven product leadership, said John Curtius of Tiger Global.
Rupifi’s technology platform brings together B2B marketplaces and financial institutions to enable low friction credit for a wide range of small businesses at the point of sale stage.
For SMEs, Rupifi offers fully digital touchpoints and real-time decision-making from integration, application decision-making, real-time transaction to reconciliation of reimbursements.
Rupifi claims to be the premier integrated finance provider for FMCG, Food, Pharmacy, Fashion, Electronics, Agriculture, and General Merchandise, providing them with flexible and EMI-free credits. .
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