Indian B2B Payments Firm Rupifi Lands $8M

B2B payments platform Rupifi has raised $8 million in venture debt, an extension of the $25 million Series A the company closed in January.

According to media reports Tuesday (March 22), the funding was led by Alteria Capital, Trifecta Capital and Innoven Capital.

Read more: Rupifi Snags $25M for Indian B2B Payments Platform

“To further increase penetration and plug the gaps in the largely manual B2B payments, we plan to utilize the funds for further strengthening our B2B checkout product and creating an omnichannel mobile-first B2B payments solutions,” said Anubhav Jain, the company’s co-founder and chief executive.

“The focus on building end-to-end B2B payment solutions will enable us to expand beyond digital marketplaces and cater to the requirements of the traditional and mainstream B2B supply chains where the processes and transactions are still offline.”

Founded in 2020 by Jain, Ankit Singh and Jawaid Iqbal, Rupifi does business with more than two dozen B2B marketplaces, including Walmart, Flipkart and Jumbotail.

The company aims to help the merchant partners of those larger companies — many of whom are small and medium-sized businesses (SMBs) with working capital ranging from 10,000 rupees ($135) to 10,000,00 rupees ($13,500).

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

Read more: Flipkart, Rupifi Team on Embedded BNPL for MSMBs

Last year, Rupifi joined forces with Flipkart Wholesale on an embedded buy now, pay later (BNPL) project for the micro, small and medium-sized businesses (MSMBs) that use Flipkart’s eCommerce platform.

The collaboration was designed to give Indian family-owned shop owners and MSMBs digital credit with flexible repayment terms and transparent pricing.

“We have always believed that financial inclusion can only happen if we provide credit that is quick, easy and affordable,” Adarsh Menon, senior vice president and head of Flipkart Wholesale, said at the time. “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.”