Rupifi Snags $25M for Indian B2B Payments Platform

Buy now, pay later (BNPL) platform Rupifi announced Thursday (Jan. 6) that it has raised $25 million in a financing round to help the company expand its business-to-business (B2B) payments offerings in its existing markets and into new ones.

Tiger Global and Bessemer Venture Partners served as co-leaders for Rupifi’s latest fundraising effort, with existing investors Quona Capital and Ankur Capital also among those who participated in the round.

Rupifi does business with more than two dozen B2B marketplaces, including Walmart, Flipkart and Jumbotail, to help their merchant partners, many of which are small- to medium-sized businesses (SMBs) with working capital ranging from 10,000 rupees ($135) to 10,000,00 rupees ($13,500).

The company examines the partner marketplace’s data for its underwriting — who should get working capital and how much. Rupifi, which mostly works with non-banking financial companies to generate the necessary capital, has provided credit to more than 50,000 sellers.

“Our B2B BNPL is currently operating at some of the category-leading B2B marketplaces in India across sectors such as FMCG [fast-moving consumer goods], pharma, fashion, electronics, agriculture and food,” Anubhav Jain, co-founder and CEO of the startup, said in an interview with TechCrunch.

Jain said that Rupifi will be expanding its product offerings in the next few months, including an embedded checkout product that will be embedded on the company’s app and website and will power all payment options, including cash. The company is also trying out a commercial card aimed at small businesses and enterprises.

“What we are saying is that BNPL is just one of the payment instruments that the merchants are using,” Jain said. “The goal is now to move to B2B payments and checkout. They can use the card at any place, even if we are not integrated with that business.”

Related: Flipkart, Rupifi Team on Embedded BNPL for MSMBs

In October, Rupifi and Indian digital B2B marketplace Flipkart Wholesale partnered on an embedded BNPL initiative for the micro, small and medium-sized businesses (MSMBs) on Flipkart’s eCommerce platform, giving Indian family-owned shop owners and MSMBs digital credit with flexible repayment terms and transparent pricing.