India-based Rupifi, a B2B digital platform that facilitates transactions and payments between small and medium-sized businesses, raised USD 25 million on 7th January 2022.
Investors: The investment round was led by Bessemer Venture Partners and Tiger Global Management. Existing investors including Quona Capital, Better Capital, and Ankur Capital, also participated in this round to maintain their stakes.
Purpose of funding: The funds will be used to build a B2B marketplace checkout solution and a mobile-first, omnichannel payment solution for merchants, distributors, and sellers. The startup is also exploring a loan option and buying now-pay later. It is also working on improving payment methods and user accessibility. As part of its strategy, it is also expanding into unorganized sectors.
About Rupifi
Founded in 2020 by Ankit Singh, Anubhav Jain, and Jawaid Iqbal, Rupifi is located in Bengaluru, India. Rupifi is a B2B digital platform that facilitates transactions and payments between small and medium-sized businesses. The services provided by the startup were omnichannel payment on delivery, upfront payment with a cash discount, credit payment terms, online/bank transfer, and set-up recurring payment from Rupifi auto-pay. The startup aims to make B2B transactions more flexible, accessible and secure. The startup covered sectors such as FMCG, Pharmacy, Electronics, Fashion, Food, and Agriculture.
What the founder has to say
Anubhav Jain stated, “We are super thrilled to welcome two of the largest global investors on board. 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 is currently operating at some of the category-leading B2B marketplaces in India across FMCG, pharma, fashion, electronics, agriculture, and food sectors. Our SME focused Commercial Card provides SMEs flexibility to manage expenses without any cost for shorter periods,” Anubhav Jain, Co-founder at Rupifi.
“With the recent round of funding, we are now moving towards building the complete B2B checkout product for marketplaces and omnichannel mobile-first B2B payments solutions for merchants, distributors, and sellers.”
What the investors have to say
“We have had the experience of working with more than a hundred B2B and SaaS founders. We understand that globally, B2B payments are broken and largely manual. In the $1 trillion B2B commerce and payments space in India, Rupifi has demonstrated rapid growth and proven product leadership,” said John Curtius at Tiger Global.
“We are excited to back Rupifi and Anubhav in their mission to simplify B2B payments including BNPL for B2B marketplace and smaller merchants in a seamless way. B2B Payments and B2B Credit are large problems with technology being the future to solve these, and Rupifi team is building around that keeping the SMEs at the core,” said Vishal Gupta, Managing Director at Bessemer Venture Partners.
“The Rupifi team has demonstrated the strength of their proposition by onboarding top tier platforms and rapidly scaling-up SME transactions in just a few months since our initial investment. B2B transactions is a huge opportunity in India and we are delighted to welcome global leaders like Bessemer and Tiger to support Rupifi get to the next level,” said Krishnan Neelakantan, Managing Partner at Ankur Capital.
“B2B transactions and payments is a very fragmented process in India. Rupifi’s tech-driven integrated solution resolves these bottlenecks and unlocks value for small businesses. Rupifi’s solution is increasing acceptance and adoption amongst top-tier B2B marketplaces and their ecosystems. We are excited to continue backing the Rupifi team in their next stage of growth,” said Varun Malhotra at Quona Capital.
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