An online platform that empowers micro, small and medium-sized enterprises (MSMEs) to obtain suitable financing – Rupifi has secured $4.1 million in the latest funding round. The pre-Series A funding was led by Quona Capital. Ankur Capital along with Cofounder of Flipkart – Binny Bansal also participated in the round.
The platform will use the funds raised to augment its partnerships, product offerings, and also to scale the team.
“Indian SMEs have been struggling with getting access to capital for a long time. We are targeting one million MSMEs in the next five years,” said cofounder and CEO of Rupifi – Anubhav Jain, in an interview to ET.
“Rupifi’s solution is innovative in addressing the fundamental gap of transaction-linked credit on B2B commerce platforms. Merchants on these platforms are often offered loans, but Rupifi enables them to make on-the-spot decisions of buying more inventory for growth at the point of purchase. Flexibility in cash flow management is key to serving the credit-starved MSME merchants,” informed Varun Malhotra, principal of Quona Capital.
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.