Bengaluru-based finance platform for micro, small and medium-sized enterprises (MSMEs), Rupifi on Thursday stated that it has secured $4.1 million in a pre-series A round led by Quona Capital. Other investors from Ankur Capital and Flipkart co-founder Binny Bansal also participated in this round.
As per the official statement, the freshly acquired funds will be utilized to grow Rupifi’s product offerings, partnerships and to build its team.
Founded by Anubhav Jain, Ankit Singh, and Jawaid Iqbal in 2020, Rupifi functions as a software-as-a-service (SaaS) firm concentrating on financial products for small and medium enterprises in India and Southeast Asia.
Talking about its platform, Anubhav Jain, co-founder and CEO, Rupifi said, “We’ve all become used to the Buy Now, Pay Laters (BNPLs) of the world like Klarna and Affirm. But MSMEs don’t need lengthy installment plans, they need access to small loans/credit lines they can pay back at variable periods, based on their resale of the items they buy. For many, this may be as quick as “buy now, pay next week” or “buy now, pay next day”—but when they don’t have access to credit for even the shortest of terms, those MSMEs fail to grow.”
“Rupifi provides an agile platform that solves this dilemma for the entire ecosystem, from B2B anchors to lenders. Digital B2B transactions are growing at an unprecedented pace, and we are here to provide the much-needed pillar of support in the form of flexible credit.”
Speaking on the development, Ganesh Rengaswamy, co-founder and Managing Partner, Quona Capital added, “Rupifi’s solution rides on several digital rails including OCEN(Open Credit Enablement Network), B2B commerce and card issuance to lower risk while serving high-frequency, low-ticket-size transactions that enable MSMEs to expand and grow. The innovation of Buy Now, Pay Flexibly has long been needed in this market, and we are excited to back the Rupifi team as they reimagine MSME commerce in India.”