Financing platform Rupifi said it has raised venture debt of $8 million (around Rs 61 crore) from Alteria Capital, Trifecta Capital and Innoven Capital.
The company said this fundraise is an extension of the $25 million Series-A round that it had announced in January this year.
"To further increase penetration and plug the gaps in the largely manual B2B payments, we plan to utilise the funds for further strengthening our B2B checkout product and creating an omnichannel mobile-first B2B payments solutions," said Anubhav Jain, Co-Founder and CEO of Rupifi.
"The focus on building end-to-end B2B payment solutions will enable us to expand beyond digital marketplaces and cater to the requirements of the traditional and mainstream B2B supply chains where the processes and transactions are still offline," added Jain.
Rupifi is focussed on addressing the credit needs of small businesses. It partners with aggregators and connects them with lenders. Credit is then issued to businesses that use these aggregators to sell their products and services.
Founded in 2020 by Jain, Ankit Singh and Jawaid Iqbal, Rupifi had raised $4.1 million in a pre-Series A round in March last year. Quona Capital, Ankur Capital along with Flipkart Co-Founder Binny Bansal had participated in the fundraise.
The company is also backed by other angel investors including Cred’s Kunal Shah and BharatPe’s Ashneer Grover. It had also raised venture debt from Trifecta Capital in December 2021.
Rupifi is working with partners across sectors like fast-moving consumer goods (FMCG), food, pharma, fashion, electronics and agriculture, among others.
The startup claimed that it has witnessed 50% month-on-month growth in disbursals in the last 12 months.
