Rupifi raises $ 25 million for its B2B payments platform in India – TechCrunch

Rupifi has raised $ 25 million in a new round of funding as the Indian startup, which currently provides a buy-now, later-pay service to multiple marketplaces to serve their merchants, seeks to expand its business-to-business payment offerings.

Tiger Global and Bessemer Venture Partners co-led the two-year startup’s $ 25 million funding round. Existing investors Quona Capital and Ankur Capital also participated in the round, a senior executive said on Thursday.

The new investment, especially from leading global investors, shows the appetite of many to buy now, pay later, a category that has made profound inroads into the world in recent years, and their optimism towards start-ups in India.

Rupifi works with more than two dozen business-to-business marketplaces, including Walmart, Flipkart, and Jumbotail, to serve their merchant partners, many of whom are moms and pop store operators, on credit (working capital). The note size of these checks ranges from 10,000 ($ 135) to 10,000.00 ($ 13,500).

The startup sifts through partner market data for its underwriting – on who should get credit and its size. Rupifi, which largely works with non-bank financial firms to raise capital, has so far given credit to more than 50,000 sellers, Anubhav Jain, co-founder and CEO of the startup, told TechCrunch in an interview.

“Our B2B BNPL currently operates in some of the leading B2B marketplaces in India in sectors such as FMCG, Pharmaceuticals, Fashion, Electronics, Agriculture and Food,” he said. he declares.

Access to capital is the biggest challenge facing traders in the world’s second most populous country. Small businesses, especially mom-and-pop stores, depend on the money they get from the sale of their existing inventory to buy their next batch.

Rupifi’s BNPL service workflow. (Image credits: Rupifi)

Timely working capital allows these traders, who otherwise run some of the world’s most economically sound businesses, to dramatically increase their income, several industry figures have shown.

Buy Now, Pay Later is Rupifi’s flagship offering today, but Jain, who previously worked at American Express, Razorpay, and sold his StudyBud edtech platform as part of an all-cash deal, has said the startup will expand its product offering in the coming months.

“What we are saying is that BNPL is just one of the payment instruments used by merchants,” he said. The startup is currently building an integrated payment product – which, like its BNPL offering, will be integrated with the partner company’s app and website – and will power any payment option, including cash, to process the payment. “The goal now is to move to B2B payments and checkout. “

“B2B payments and B2B credit are big issues, technology being the future to solve them and the team at Rupifi is built around this keeping SMEs at the heart,” said Vishal Gupta, Managing Director of Bessemer Venture Partners, in a press release.

Another product that he has started testing is a trade card. Jain said the card is aimed at small businesses and businesses that have demonstrated very good behavior with our BNPL service. “They can use the card anywhere, even though we’re not integrated with that business,” Jain said.

“We have had the experience of working with over 100 B2B and SaaS founders,” Tiger Global’s John Curtius said in a statement. “We understand that on a global scale B2B payments are disrupted and largely manual. In India’s $ 1 trillion B2B commerce and payments space, Rupifi has demonstrated rapid growth and proven product leadership. “

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