Bengaluru-based fintech startup Rupifi, which provides flexible BNPL credit line to SMEs on B2B marketplaces, today said it has raised $1 million in a mix of debt and equity round led by Alteria Capital and Gokul Rajaram (Coinbase, TradeDesk, and Pinterest board member).
According to a statement, Rupifi will utilize the raised capital to scale the existing ‘Buy Now Pay Flexibly’ product offering for small businesses transacting on business-to-business (B2B) marketplaces.
The development comes two weeks after it announced its partnership with Retailio to enable credit for its pharma retailers.
The startup previously had raised $4.1 million as part of a pre-Series A round from Quona Capital, Binny Bansal, and Ankur Capital.
Founded in 2020 by Anubhav Jain, Ankit Singh, and Jawaid Iqbal, Rupifi through its fintech platform offers embedded lending solutions to B2B marketplaces. The startup is currently offering its services to small businesses (SMEs) across sectors like food, pharmaceuticals, fashion, electronics, agriculture, and general merchandise.
The fintech startup claims to have witnessed a 2X increase during the last six months in spends from SMEs that have been using its platform to transact on B2B marketplaces.
“We are excited to have Alteria Capital working with us in our goal to empower small businesses in India through access to financial products. We plan to use the debt towards creating stronger partnerships with financial institutions and secure significant limits from banks and non-banking finance companies for our expansion,” said Anubhav Jain, Co-founder & CEO of Rupifi.
“We believe in a balanced mix of both equity and debt to manage our growth, product development, and expansion plans in the embedded finance domain,” he adds.
“Every company will eventually be a fintech company and offer financial services to its customers. Rupifi is building the definitive platform for B2B companies to embed financial products into their customer experience in a fast, easy-to-use, and seamless way. I’m excited to support Anubhav, Ankit, and Jawaid as they march towards fulfilling their mission of helping small businesses access financial products such as credit and lending at the point of transaction”, said Gokul Rajaram.
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