India-based B2B fintech startup Rupifi is set to raise US$146 million in a bridge funding round from existing investors, as reported in a regulatory filing.

The funding round will involve the issuance of 66,427 pre-series B3 compulsorily convertible preference shares (CCPS) at a face value of US$2,082 each.

According to Entrackr, founder Anubhav Jain noted that the funding has been structured for investors to initially subscribe to US$2 million. The remaining US$144 million in unsubscribed shares will be disposed of.

Rupifi plans to use the new capital to support its growth and business expansion.