Rupifi To Raise INR 1215 Cr In Bridge Funding Round

B2B fintech startup Rupifi is looking to raise INR 1,215 Cr (around $146 million) in a bridge funding round from its current investors, including Bessemer, Ankur Capital and Quona Capital.

Rupifi's board has approved a plan to issue 66,427 compulsory convertible preference shares (CCPS) at a price of Rs 1,82,818 each to raise the funds, according to a regulatory filing.

However, the company's founder, Anubhav Jain, mentioned that the round is structured for 66,427 CCPS to allow investors to contribute up to $2 million.

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The filings show that current investors are expected to participate in the funding round. Rupifi plans to use the money to support its operations and meet other capital needs.

“We are glad to report a $2M raise by existing investors. We have done a rights issue for the same. As per Section 62 of the Companies Act 2013, a right issue can be offered to the equity shareholders of the company in their proportionate shareholding to the paid-up capital on those shares,” said Jain.

“We also have participation from Quona Capital and Ankur Capital in this bridge round. With break-even coming up in the coming quarter, we plan to use this bridge to take the Company to its next milestone of sustainable growth,” added Jain.

About Rupifi 

Founded in 2020 by Anubhav Jain, the Bengaluru-based Rupifi helps small businesses (MSMEs) connect with multiple lenders on digital platforms and marketplaces, similar to iSpirt’s Open Credit Enablement Network.

It offers services like Line of Credit, Invoice Financing, and loans, focusing on easy digital experiences and smart decision-making for banks, NBFCs, and service providers.

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