B2B fintech Rupifi raises $25 mn in series A round

Rupifi, a business-to-business (B2B) payments fintech, has raised $25 million in its Series A round led by Bessemer Venture Partners and Tiger Global.

Existing Investors Quona Capital and Ankur Capital also participated in this round, along with Better Capital, the company said.

Rupifi was founded in 2020 by IIT Indore alumnus and former head of Small and Medium Enterprises (SME) lending at Razorpay Anubhav Jain and IIT Kharagpur alumni Ankit Singh and Jawaid Iqbal. The company provides Buy Now Pay Later (BNPL) and commercial card products for SMEs.

The startup is also backed by Cloud Capital and angel investors including Flipkart co-founder Binny Bansal, Doordash's Gokul Rajaram, Cred founder Kunal Shah, Livspace co-founder Ramakant Sharma, BharatPe co-founder Ashneer Grover and MyAsiaVC's Sajid Rehman.

Jain who is the co-Founder and CEO of Rupifi said, "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." BNPL and credit products for consumers have already become popular among Indians, now BNPL product offerings for SMEs are also growing in number. Razorpay's neobanking platform RazorpayX focuses on SMEs and has a lending product, and startup KredX too recently entered the SME BNPL space.

Rupifi is offering B2B BNPL across sectors such as FMCG, pharma, fashion, electronics, agriculture and food. The startup said that it has recorded 50 percent month-on-month growth in disbursals in the last 12 months while covering more than 50,000 SMEs. Rupifi also claims that its portfolio is healthy with very low levels of non-performing assets (NPAs).