Indian lending FinTech company Rupifi and Indian digital B2B marketplace Flipkart Wholesale on Wednesday (Oct. 20) announced they are teaming up on an embedded buy now, pay later (BNPL) initiative for the micro, small and medium-sized businesses (MSMBs) on Flipkart’s eCommerce platform.
The partnership gives Indian family-owned shop owners and MSMBs digital credit with flexible repayment terms and transparent pricing, according to the announcement.
“Flipkart Wholesale is focused on ensuring that the benefits of digitization trickle to the entire B2B retail ecosystem,” said Adarsh Menon, senior vice president and head of Flipkart Wholesale, in the announcement. “We are elated to strengthen our credit offerings in partnership with Rupifi.
“We have always believed that financial inclusion can only happen if we provide credit that is quick, easy and affordable,” he said. “With BNPL, we are now allowing retailers across the country to unlock themselves from cash constraints while purchasing supplies and enjoy simple one-click credit access.”
Flipkart Wholesale and Rupifi have designed a multilingual application that allows retailers to join in less than one minute. Rupifi works with more than a dozen B2B marketplaces and helps MSMEs in more than 200 cities across India with purchase credit lines with flexible repayment, usage-based interest and no fees.
“We are excited to partner with (Flipkart) and provide the MSMEs with a completely digital, flexible and instant credit experience, localized to their requirements,” Ankit Singh, co-founder of Rupifi,said in the announcement. “Our BNPL product is offered to their MSME customers in an omni-channel manner, both in-app as well as in-store, with a ticket size as low as Rs. 5,000, for even the smallest retailer.”
Related: Flipkart Wholesale, Davinta Team to Offer BNPL Capabilities to Retail Clients
Last month, Flipkart Wholesale teamed with Davinta Financial Services to offer buy now, pay later (BNPL) option terms to Flipkart’s small and medium-sized business (SMB) customers, allowing digital B2B marketplace Flipkart Wholesale offer extended payment terms to customers who are ineligible for traditional credit cards. India has more than 60 million SMBs.
Flipkart is also working toward going public, possibly in the fourth quarter of this year, at a $35 billion valuation.
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