Fintech Startup Rupifi Secures $8 Mn Venture Debt From Alteria Capital

SUMMARY

This is an extension of a $25 Mn Series-A round funding by Rupifi announced in January 2022

It claims to enable flexible and no-EMI credit to companies in sectors including FMCG, food, pharma, fashion, electronics, agriculture and general merchandise

The startup has witnessed 50% month-on-month growth in disbursals in the last one year

Bengaluru-based B2B fintech startup rupifi has raised $8 Mn venture debt from Alteria Capital, Trifecta Capital, and Innoven Capital.

The fund would be utilised to increase penetration and plug the gaps in the large manual B2B payments. The amount would also be used to strengthen the startup’s B2B checkout products and create an omni-channel mobile-first B2B payments solution.

Founded in 2020 by Anubhav Jain, Ankit Singh and Jawaid Iqbal, Rupifi is an embedded finance startup that offers B2B BNPL (buy now pay later) and small and medium enterprises (SME)-focused commercial cards. The startup allows its clients to integrate a payment gateway onto its marketplace with various options.

“We have witnessed increased adoption of B2B BNPL among SMEs and identified varied use cases for B2B payments across sectors in the last few months. The focus on building end-to-end B2B payment solutions will enable us to expand beyond digital marketplaces and cater to requirements of the traditional and mainstream B2B supply chains where the processes and transactions are still offline,” said Anubhav Jain, cofounder and CEO, Rupifi.

Rupifi’s B2B BNPL is currently operating at some of the leading B2B marketplaces such as Flipkart Wholesale, Retailio, and Fynd among others in India across sectors such as FMCG, pharma, fashion, electronics, agriculture and food with more than 24 online marketplaces catering to 70,000 small businesses.

Meanwhile, Rupifi raised $25 Mn in a Series A funding round led by Bessemer Venture Partners and Tiger Global in January this year. Existing investors Quona Capital and Ankur Capital have also participated in the round along with Better Capital.

Global Market For Payment Gateways

The B2B payments transaction market size is expected to be worth around $70 Bn by 2030 and is anticipated to grow at a CAGR of 10.7% from 2021 to 2030, according to a report by Precedence Research.

Further, Asia Pacific is projected as the most opportunistic region in the forecast period. The prime factor attributed to ongoing proliferation of the B2B ecommerce market as well as surge in adoption of financial technology.

In addition to this, the digital transformation trend with the strategic partnerships among global and local industry players have fueled B2B payments adoption in the region.

Fintech Startup Funding Report

A lot of fintech startups have either received funds for expansion or have been acquired by other companies in the month of March 2022.

For instance, Bengaluru-based fintech startup Clear acquired Gurugram-based supply chain financing tech startup Xpedize for an undisclosed amount. Money View raised $75 Mn in its Series D funding from Tiger Global, Winter Capital, Evolvence India, and Accel. Pocketly, backed by 100X.VC, raised $3 Mn in a Pre-Series A funding round.

Further, another fintech startup Uvik Technologies got into a merger and acquisition deal with a listed fintech and digital payment company, Infibeam Avenues for INR 75 Cr in cash and stock deal.

One more, Mumbai-based student loan fintech startup, Kuhoo has raised a whopping $20 Mn in seed funding round from Westbridge Capital. Snapmint raised $9 Mn in Series A funding round from a cohort of marquee investors and industry leaders.