Mumbai, Jan 7 (PTI) Business-to-business (B2B)-focused payments app Rupifi has raised $25 million (about Rs 180 crore ) in a series-A round funding, led by Bessemer Venture Partners and Tiger Global.
Existing investors Quona Capital and Ankur Capital also participated in the funding round, along with 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 investment round within nine months, since the pre-series-A round in March 2021.
Rupifi co-founder and chief executive Anubhav Jain said that with this investment from Bessemer and Tiger Global, we plan to build further towards our goal of disrupting B2B payments and transactions.
Its B2B BNPL (buy-now-pay-later) is currently operating across sectors, such as FMCG, pharma, fashion, electronics, agriculture and food, while SME focused commercial card provides flexibility to manage expenses without any cost for shorter periods, he said.
With the latest funding, we are now moving towards building the complete B2B checkout product for marketplaces and omnichannel mobile-first B2B payments solutions for merchants, distributors and sellers, he added.
Rupifi started with the B2B BNPL product, focusing on the digital B2B marketplaces in mid-2020.
Despite the subdued economic activity, it has managed to record 50 per cent monthly growth in disbursals in the last 12 months, covering over 50,000 SMEs that work with some marquee marketplaces like Flipkart Wholesale, Retailio and Fynd, among others.
Vishal Gupta of Bessemer said B2B payments and B2B credit are large problems with technology being the future to solve these, and the Rupifi team is building around that, keeping the SMEs at the core.
In the $ 1 trillion B2B commerce and payments space in the country, Rupifi has demonstrated rapid growth and proven product leadership, said John Curtius of Tiger Global.
Rupifi's technology platform brings B2B marketplaces and financial institutions together 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 onboarding, application decision-making, real-time transaction to repayment reconciliations.
Rupifi claims to be the first embedded finance provider to FMCG, food, pharma, fashion, electronics, agriculture and general merchandise, offering them flexible and no-EMI credit.