B2B Payments Platform Rupifi set to raise Rs. 1,215 Crore Funding
In its largest investment round and first in three years, B2B payments platform Rupifi is receiving Rs. 1,215 crore ($144 million) from current investors, including as Quona and Tiger Global.
According to Rupifi's regulatory filing obtained from the Registrar of Companies, the board has adopted a special resolution to issue 66427 mandatory convertible preference shares at an issue price of Rs. 1,82,818 apiece in order to raise Rs. 1,215 crore, or $144 million.
According to the documents, the round is anticipated to involve current investors. According to documents, Rupifi intends to use the money to sustain its operations and take care of other capital needs.
Like iSpirt's Open Credit Enablement Network, Rupifi, which was founded in 2020, gives MSMEs access to a variety of lenders via digital B2B platforms and marketplaces. For banks, NBFCs, and service providers, it provides Line of Credit, Invoice Financing, and loans with an emphasis on intelligent underwriting and smooth digital interactions.
With the $25 million it raised in Series A led by Tiger Global and Bessemer in 2022, Rupifi has raised over $35 million to date. Quona Capital is the biggest external stakeholder, followed by Tiger Global and Bessemer Venture Partners, according to the startup data analytics portal TheKredible.
For the fiscal year that ended in March 2024, the Bengaluru-based company recorded flat revenue of Rs. 33.74 crore. In the meantime, the business cut its losses by 22.8%, from Rs. 79.8 crore in FY23 to Rs. 61.6 crore in the most recent fiscal year.
According to Rupifi's regulatory filing obtained from the Registrar of Companies, the board has adopted a special resolution to issue 66427 mandatory convertible preference shares at an issue price of Rs. 1,82,818 apiece in order to raise Rs. 1,215 crore, or $144 million.
According to the documents, the round is anticipated to involve current investors. According to documents, Rupifi intends to use the money to sustain its operations and take care of other capital needs.
Like iSpirt's Open Credit Enablement Network, Rupifi, which was founded in 2020, gives MSMEs access to a variety of lenders via digital B2B platforms and marketplaces. For banks, NBFCs, and service providers, it provides Line of Credit, Invoice Financing, and loans with an emphasis on intelligent underwriting and smooth digital interactions.
With the $25 million it raised in Series A led by Tiger Global and Bessemer in 2022, Rupifi has raised over $35 million to date. Quona Capital is the biggest external stakeholder, followed by Tiger Global and Bessemer Venture Partners, according to the startup data analytics portal TheKredible.
For the fiscal year that ended in March 2024, the Bengaluru-based company recorded flat revenue of Rs. 33.74 crore. In the meantime, the business cut its losses by 22.8%, from Rs. 79.8 crore in FY23 to Rs. 61.6 crore in the most recent fiscal year.
