Funding platform Rupifi said on Friday that it has raised $ 1 million in a combination of equity and venture debt from Alteria Capital and technologist Gokul Rajaram.
The company is expected to use these funds to scale its existing ‘Buy Now Pay Flexibly’ product offering for small businesses transacting in business-to-business markets.
“We are happy to partner with Rupifi on their journey towards building a BNPL platform targeting the last mile retailer. Integrated finance plays a crucial role in addressing the credit gap created by the prevalent supply chain network in most companies. industries and Rupifi is strongly in a position to serve this market, “said Punit Shah, partner at Alteria Capital.
Founded in 2020, Rupifi offers integrated lending solutions to business-to-business markets, and is currently working with small businesses in the food, pharmaceutical, fashion, electronics, agriculture, and general merchandise sectors.
“We are excited to have Alteria Capital working with us on our goal of empowering small businesses in India through access to financial products. We plan to use debt to create stronger partnerships with financial institutions and secure significant limits on banks and non-bank finance companies for our expansion. We believe in a balanced mix of equity and debt to manage our plans for growth, product development and expansion in the domain of integrated finance, “said Anubhav Jain, co-founder and CEO of Rupifi.
“Plus, having Gokul on our cap table gives us tremendous firepower. We have been taking his input in growing our business and strategic plans over the past year and bringing him formally on board is super exciting. His experience in some of the world’s largest tech companies like Google, Facebook, Square and DoorDash is unique and there is a lot to learn from, “added Jain.
Rupifi writes and provides loans based on a company’s cash flows.
“Each company will eventually be a fintech company and offer financial services to their clients. Rupifi is building the ultimate platform for B2B companies to integrate financial products into their customer experience in a fast, easy-to-use and hassle-free way. I’m excited to support Anubhav, Ankit and Jawaid as they march towards their mission of helping small businesses access financial products such as credit and loans at the point of transaction, “said Gokul Rajaram.
The company intends to use the funds raised to expand its offering to different markets.