Bessemer, Tiger lead $25 mn bet on Rupifi
1 min read 07 Jan 2022, 10:32 PM ISTRupifi added that existing investors Quona Capital and Ankur Capital have also participated in the round, along with Better Capital.
PremiumMicro, small and medium enterprise-focused buy now, pay later business-to-business (B2B) platform Rupifi Technologies Pvt. Ltd has raised $25 million (around ₹185.77 crore) as a part of its Series A funding round led by Bessemer Venture Partners and Tiger Global Management, the company said on Friday.
Rupifi added that existing investors Quona Capital and Ankur Capital have also participated in the round, along with Better Capital.
Rupifi, which offers commercial card products to businesses, will use the capital to build an omnichannel mobile-first B2B payments solution, said co-founder and CEO Anubhav Jain.
“Our commercial card provides SMEs flexibility to manage expenses without cost for shorter periods. With the recent round of funding, we are moving towards building the complete B2B checkout product for marketplaces and omnichannel mobile-first payment solutions for merchants, distributors and sellers," he added.
Founded in 2020 by Jain, Ankit Singh and Jawaid Iqbal, Rupifi had raised a $4.1-million pre-Series A round last March.
Quona Capital, Ankur Capital and Flipkart co-founder Binny Bansal had also participated in the round. Rupifi is also backed by angel investors such as Cred’s Kunal Shah and BharatPe’s Ashneer Grover. Recently, it had raised venture debt from Trifecta Capital.
The company is betting on penetration of credit in the B2B payments ecosystem, which further got a fillip due to digitization in the past few years, it said.
Rupifi claims it has recorded a 50% month-on-month growth in loan disbursals in the past 12 months and has covered more than 50,000 small and medium enterprises.
