B2B Payments Platform Rupifi Secures Rs 1,215 Crore in Funding

B2B payments platform Rupifi is successfully raising Rs 1,215 crore ($144 million) from current investors, including Quona and Tiger Global, making this the company’s largest funding round to date and the first in three years.

According to a regulatory filing from the Registrar of Companies, the board at Rupifi has approved a special resolution to issue 66,427 compulsory convertible preference shares at an issue price of Rs 1,82,818 each, aiming to raise Rs 1,215 crore or $144 million. The documents suggest that existing investors are anticipated to take part in this funding round. The funds will be utilised to enhance business operations and to meet further capital needs, as stated in the filings.

Background of Rupifi

Established in 2020, Rupifi allows micro, small, and medium enterprises (MSMEs) to connect with various lenders through digital B2B platforms and marketplaces, akin to iSpirt’s Open Credit Enablement Network. The company provides services such as Line of Credit, Invoice Financing, and loans, emphasising an effortless digital experience and intelligent underwriting for banks, non-banking financial companies (NBFCs), and service providers.

Funding History and Investor Landscape

To date, Rupifi has raised over $35 million, which includes $25 million in Series A funding led by Tiger Global and Bessemer in 2022. Data from various sources indicates that Quona Capital is the primary external stakeholder, followed by Tiger Global and Bessemer Venture Partners.

The firm, based in Bengaluru, reported no significant increase in revenue, remaining flat at Rs 33.74 crore for the fiscal year ending in March 2024. However, the company has successfully reduced its losses by 22.8%, with losses decreasing from Rs 79.8 crore in FY23 to Rs 61.6 crore in the most recent fiscal year.