FinTech ‘Rupifi’ Secures $ 25 Million From Tiger Global, Bessemer And Others For Its B2B BNPL Platform
The concept of Buy Now Pay Later (BNPL) isn’t new, but it was the pandemic that actually made it grow and led to its adoption, at least in India. If you are not familiar with the concept, BNPL allows you to shop now and pay the amount over a period of time which may vary.
The growth of the e-commerce market in India over the past two years has resulted in a similar growth of the BNPL industry. In fact, it is expected to reach $ 45-50 billion by 2026, and the number of BNPL users is expected to reach 80-100 million. This, unsurprisingly, has led to the entry of old and new companies into the sector and a constant flow of capital from global and domestic investors.
This time around, fintech start-up Rupifi, which provides B2B BNPL services, swallowed up $ 25 million in its latest funding round, led by Tiger Global and Bessemer Venture Partners. The tour also included the participation of its existing investors Quona Capital and Ankur Capital. With this round, Rupifi aims to extend its B2B payment offers in its existing markets and to penetrate new ones. Funding had become a major keyword last year, and it looks like 2022 will be similar.
“It has been a roller coaster ride for the past two years since we launched Rupifi and the membership of two of the world’s largest investors is a validation of our thesis, our belief and the hard work of everyone at Rupifi . I am fortunate to have the best people around me every day at work as we strive to do better in the future, creating customer-centric products for India, ”wrote Anubhav Jain, co-founder of Rupifi.
The two-year-old startup works with more than two dozen B2B marketplaces, including Walmart, Flipkart and Jumbotail, to serve their business partners (mostly SMEs) with working capital ranging from 10,000 to 10,000.
Rupifi’s work is important in a country where access to adequate credit still eludes the majority of the population. Small businesses generate capital by selling their inventory due to a lack of proper credit, which is one of the reasons they fall behind and fail to catch up with powers like Amazon.
Going forward, Rupifi will expand its product offerings – even now it is creating an integrated payment product that will be present on the company’s app and website and feed all payment options to process the payment. She is also working on a commercial card for SMEs which have “shown excessively good behavior with our BNPL service”.
SaaS-enabled Rupifi typically works with NBFCs to generate capital and claims to have granted credit to over 50,000 sellers to date. The startup partners with aggregators and connects them to lenders through API integrations, and examines partner market data for its underwriting to determine who should get credit and how much they should get.