B2B payments fintech Rupifi raises $25 mn from Bessemer, Tiger Global

Existing Investors Quona Capital and Ankur Capital also participated in the round, along with Better Capital. This is Rupifi's second investment round in nine months, since its Pre-Series A last March

Rupifi, an embedded finance company that operates in the B2B payments space through its B2B Buy Now Pay Later (BNPL) and SME-focused Commercial Card products, has raised $25 million in a Series-A round led by Bessemer Venture Partners and Tiger Global. A press release issued by the company said existing Investors Quona Capital and Ankur Capital also participated in the round, along with Better Capital.

Founded in 2020 by Anubhav Jain, Ankit Singh and Jawaid Iqbal, this is Rupifi’s second investment round in nine months, since its Pre-Series A in March 2021.

Currently working with partners across sectors like FMCG, Food, Pharma, Fashion, Electronics, Agriculture and General Merchandise, the firm enables flexible and no-EMI credit for small businesses while its SME focused Commercial Card provides SMEs flexibility to manage expenses without any cost for shorter periods.

The release quoted Anubhav Jain, Co-Founder and CEO of Rupifi as saying, “With this current investment from Bessemer Venture Partners and Tiger Global, we plan to build further towards our goal of disrupting B2B payments and transactions. Our B2B BNPL is currently operating at some of the category leading B2B marketplaces in India across sectors such as FMCG, Pharma, Fashion, Electronics, Agriculture and Food. Our SME focused Commercial Card provides SMEs flexibility to manage expenses without any cost for shorter periods. With the recent round of funding, we are now moving towards building the complete B2B Checkout Product for Marketplaces and Omni-Channel mobile-first B2B Payments solutions for merchants, distributors and sellers.”

B2B Commerce has seen a wave of digitisation during the past few years with credit becoming an integral part of the B2B Payments ecosystem. Rupifi started with the B2B BNPL Product focusing on the Digital B2B Marketplaces in mid 2020 and has seen significant growth. Despite the subdued economic activity, Rupifi has managed to record 50 per cent MoM growth in disbursals during the past 12 months, covering over 50,000 SMEs. The firm is working with some marquee Marketplaces such as Flipkart Wholesale, Retailio and Fynd among others.

The company claimed in the release that its priority has been to create scalable growth without compromising on portfolio quality, which is why, despite the pandemic-induced uncertainty and disruption, Rupifi’s portfolio continues to be healthy with very low NPA levels.