Exclusive: Rupifi to raise Rs 1,215 Cr via right issue

Entrackr · 1m

B2B payments platform Rupifi is raising Rs 1,215 crore ($144 million) from existing investors, including Quona and Tiger Global, marking its largest funding round and its first in three years. The board at Rupifi has passed a special resolution to issue 66427 compulsory convertible preference shares at an issue price of Rs 1,82,818 each to raise Rs 1,215 crore or $144 million, its regulatory filing accessed from the Registrar of Companies shows. The filings indicate that existing investors are expected to participate in the round. Rupifi plans to utilize the funds to support its business operations and address additional capital requirements, as per filings. Founded in 2020, Rupifi enables MSMEs to access multiple lenders on digital B2B platforms and marketplaces, similar to iSpirt’s Open Credit Enablement Network. It offers Line of Credit, Invoice Financing, and loans, focusing on seamless digital experiences and smart underwriting for banks, NBFCs, and service providers. Rupifi has raised over $35 million to date including its $25 million in Series A led by Tiger Global and Bessemer in 2022. According to the startup data intelligence platform TheKredible, Quona Capital is the largest external stakeholder followed by Tiger Global and Bessemer Venture Partners. The Bengaluru-based firm reported flat revenue at Rs 33.74 crore for the fiscal year ending March 2024. Meanwhile, the company reduced its losses by 22.8%, bringing them down to Rs 61.6 crore in the last fiscal year from Rs 79.8 crore in FY23.