Bengaluru: Digital payments startup focused on business-to-business payments, Rupifi has raised $25 million as a part of its first round of institutional funding led by Bessemer Venture Partners and Tiger Global.

Existing Investors Quona Capital and Ankur Capital also participated in the round, along with Silicon Valley-based early-stage investor, Better Capital.

Rupifi’s Series A funding of $25 million signals the increasing size of early-stage rounds being raised by Indian startups. ETtech reported last month on how during 2021, 166 investments at the Series A stage amounted to about $1.67 billion, as per data by UK-based Preqin until December 20. In all of 2021,
Indian startups raised $36 billion, we reported.

Other big Series A rounds last year include the likes of consumer buy-now-pay-later (BNPL) startup, Uni which
raised $70 million as a part of its Series A round. Enterprise debt marketplace CredAvenue
picked up $90 million in its first institutional round led by Sequoia Capital in September, last year.


This is Rupifi’s second investment round within a span of nine months after the company
raised $4.1 million led by Quona Capital in March 2021.

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Where will the funds be used?

Rupifi now plans to use the proceeds from the fundraise to build the complete B2B checkout product for marketplaces as well as launch omnichannel mobile-first B2B payments solutions for merchants, distributors and sellers.

Founded in 2020, Rupifi’s technology platform brings B2B marketplaces such as Flipkart Wholesale, Retailio and Fynd together with financial institutions to enable low-friction credit for their merchant partners at the point-of-sale stage.

“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 (Buy Now Pay Later) is currently operating at some of the category-leading B2B marketplaces in India across sectors such as FMCG, Pharma, Fashion, Electronics, Agriculture and Food,” said Anubhav Jain, cofounder and chief executive officer (CEO) of Rupifi.

Rupifi’s other product lines include a SME focused commercial card which provides SMEs flexibility to manage expenses without any cost for shorter periods. At present, Rupifi’s solution covers more than 50,000 SME partners.

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