Rupifi raises $25 million to expand B2B payments services
Business-to-business payments company Rupifi has raised $25 million (Rs 166.3 crore) in a new funding round and plans to use the investment to expand its payments offerings.
The recent funding round was co-led by Tiger Global and Bessemer Venture Partners and also included investors Quona Capital and Ankur Capital, an executive told TechCrunch. The two-year-old startup has grown swiftly in the booming ‘buy-now-pay-later’ (BNPL) space and has partnered with e-commerce giants including Flipkart and its owner Walmart to offer services in India.
“Our B2B BNPL is currently operating at some of the category-leading B2B marketplaces in India across sectors such as FMCG, pharma, fashion, electronics, agriculture and food,” Rupifi’s co-founder and chief executive Anubhav Jain told TechCrunch.
Offering sellers buy-now-pay-later services enables them to expand their inventory without having to wait for sales from current inventory to do so as many small businesses have to. Rupifi has so far provided credit to over 50,000 e-commerce sellers.
The business plans to expand its services in the coming few months and is in the process of building an embedded checkout product which will feature on the partner business’ website and will power any payment option. The business is also trialing a commercial card to offer credit to businesses which have previously used its services.
“What we are saying is that BNPL is just one of the payment instruments that the merchants are using,” said Jain. “The goal is now to move to B2B payments and checkout.”
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