Summary

According to PayNXT360, B2B BNPL payments in the country are expected to grow by 33.6% on an annual basis to reach US$8,655.0 million in 2025.

India B2B BNPL adoption continues to accelerate as businesses increasingly seek flexible payment solutions for procurement and trade transactions.The medium to long-term growth story of the B2B BNPL industry in the country remains strong. B2B BNPL payment adoption is expected to grow steadily, recording a CAGR of 22.9% during 2026-2030. The gross merchandise value is projected to increase from US$8,655.0 million in 2025 to US$25,222.0 million by 2030.

Key Trends and Drivers in India's B2B Buy Now, Pay Later (BNPL) Market

India is at an early but rapidly accelerating stage of B2B BNPL development, with the combination of GST Network data infrastructure, the Reserve Bank of India's Account Aggregator framework, and the UPI Credit on Stack initiative creating a uniquely data-rich underwriting environment for a market where over 63 million SMEs have historically lacked access to formal trade credit. Platform-embedded B2B BNPL is the dominant model in India, with providers such as OfBusiness, Udaan, and Mintifi combining marketplace transaction visibility with proprietary credit assessment to serve manufacturing, construction, and pharmaceutical supply chains.

India's B2B BNPL market is shaped by the RBI's Account Aggregator framework and Credit on UPI initiative, both of which are expanding the data infrastructure available for algorithmic underwriting. The pharmaceutical distribution sector has emerged as a high-volume vertical, given its structural payment timing mismatch between manufacturer payment terms and the 30 to 90-day cycles from hospital customers. Over the next 2–4 years, UPI-linked B2B BNPL will significantly expand market reach into semi-urban and rural India, while platform consolidation will concentrate market share among the largest B2B commerce platforms.

B2B Commerce Platforms Create Captive BNPL Distribution
• India's B2B commerce platforms including Udaan, Moglix, and OfBusiness have embedded B2B BNPL as a core feature, using their proprietary transaction data to underwrite credit for sellers and buyers on their platforms. OfBusiness, which combines a materials trading platform with embedded finance, has built one of the largest B2B BNPL credit books in India with a focus on manufacturing and construction input categories.
• India's informal trade sector is being formalised through digital B2B marketplaces that aggregate fragmented supply chains. These platforms have both the distribution scale and the transaction data necessary to underwrite credit efficiently at low customer acquisition cost. Captive BNPL reduces buyer friction on platform transactions and increases platform stickiness.
• Platform-embedded B2B BNPL will dominate India's market over the next 2–4 years. Standalone B2B BNPL providers without proprietary transaction data will find it difficult to achieve the underwriting accuracy and customer acquisition efficiency of platform players. The lines between B2B marketplace operator and B2B BNPL provider will continue to blur.

Pharmaceutical Distribution Drives High-Volume BNPL Adoption
• India's pharmaceutical distribution sector, among the largest in the world by volume, operates on thin margins with complex payment timing between manufacturers, distributors, and pharmacies. Fintech providers including Mintifi and Rupifi have developed B2B BNPL products specifically for pharma distribution, enabling pharmacies and medical distributors to defer payment for drug inventory while distributors receive prompt settlement.
• Pharmaceutical distributors in India face 30 to 90-day payment cycles from hospital and clinic customers while being required to pay manufacturers within 7 to 15 days of invoice. This structural mismatch creates persistent working capital pressure. B2B BNPL provides a data-driven alternative using purchase history and pharmacy licence data as primary underwriting inputs.
• Pharma and healthcare supply chains will remain a high-priority vertical for Indian B2B BNPL providers as the sector consolidates and digital procurement increases transaction data quality. Government initiatives including hospital digitalisation programs are creating new transaction data flows that can be incorporated into underwriting models.

UPI Credit on Stack Expands B2B BNPL to Semi-Urban India
• The Reserve Bank of India's Credit on UPI framework, which links credit limits to UPI payment instruments, is being extended to B2B use cases, enabling B2B BNPL providers to disburse credit directly to a buyer's UPI handle for real-time supplier payment. Several NBFC-backed B2B BNPL platforms are piloting UPI-linked credit products for small traders and manufacturers in Tier 2 and Tier 3 cities.
• UPI's penetration into B2B payments has grown rapidly among smaller businesses in Tier 2 and Tier 3 cities that may not maintain formal banking relationships or use digital banking platforms suited to traditional trade finance applications. Credit on UPI makes B2B BNPL accessible to a much broader segment of Indian businesses by delivering credit through a payment instrument already embedded in their daily commercial operations.
• UPI-linked B2B BNPL will be the most significant market expansion driver for Indian B2B BNPL over the next three to four years, extending formal trade credit access to semi-urban and rural India where small traders and manufacturers have been entirely excluded from formal financial products.

Competitive Landscape and Regulatory Changes in India's B2B BNPL Market

India is the largest B2B BNPL market in Asia by number of potential borrowers, though average transaction sizes remain lower than Western markets. The market is dominated by platform-embedded models where B2B commerce platforms serve as both the distribution channel and the credit provider.

Competitive intensity is highest between the major B2B commerce platforms Of Business, Udaan, and Moglix which compete for merchant and buyer relationships across manufacturing, construction, and wholesale trade. Standalone B2B BNPL providers including Mintifi and Rupifi compete in sector verticals where platform players have not yet developed sufficient category depth. RBI licensing requirements have increased barriers to entry for new NBFC-based providers, favouring established platforms with existing financial licences.

Key Players and New Entrants
• OfBusiness: India's leading integrated B2B marketplace and BNPL provider. OfBusiness focuses on manufacturing and construction input categories, using transaction data from its marketplace to underwrite credit for both buyers and sellers.
• Udaan: A B2B wholesale marketplace covering FMCG, electronics, and apparel that has embedded BNPL across its platform as a core buyer feature. Udaan's scale covering millions of retailers provides underwriting data depth that specialist competitors cannot match. Udaan restructured its BNPL lending activities into a dedicated NBFC structure in 2023 to comply with RBI guidelines.
• Mintifi: A sector-focused B2B BNPL provider targeting pharmaceutical and FMCG distribution supply chains, using distributor transaction data and pharmacy licence information as primary underwriting inputs. Mintifi has partnered with major Indian FMCG manufacturers to offer embedded payment terms within manufacturer-distributor portals.
• Rupifi: A B2B BNPL provider focused on the restaurant, food service, and hospitality supply chain, offering deferred payment for food ingredient and equipment purchases with integrations into food service procurement platforms.
• Credlix (Maersk-backed): A supply chain finance and BNPL provider backed by Maersk that targets pharma and retail supply chains, benefiting from Maersk's logistics network data as an additional underwriting signal.

Competitive Landscape Outlook for the Next 2–4 Years
• India's B2B BNPL market will grow rapidly over the next 2–4 years driven by UPI Credit expansion and platform consolidation. The market will increasingly be dominated by three to five major platform operators with embedded credit capabilities, while specialist vertical providers in pharma, construction, and FMCG maintain positions in segments requiring deeper sector knowledge.
• RBI's regulatory framework for digital lending will continue to mature, with additional guidance expected on data use in credit scoring, disclosure standards for embedded lending within marketplace platforms, and capital adequacy requirements for NBFC-based B2B BNPL operations.
• International players entering India will face significant competition from well-capitalised domestic platforms with existing SME relationships and proprietary transaction data. Successful international entry will require partnership with or acquisition of domestic platforms.
• The Account Aggregator ecosystem will expand the underwriting data available to all providers, improving credit quality and enabling pricing reductions that will broaden market access. Providers with the most sophisticated data integration capabilities will capture the addressable market expansion that the AA framework enables.

Regulatory Changes
• The RBI's Account Aggregator framework requires all RBI-regulated financial entities to participate as Financial Information Providers, making their customer bank data available for AA-consented sharing with B2B BNPL underwriters and other authorised financial information users.
• SEBI's regulatory framework for digital lending platforms operating as marketplace lenders has created additional compliance requirements for B2B BNPL platforms that match borrowers with multiple lenders, requiring transparent disclosure of lender identity and loan terms to borrowers.

This report provides a detailed, data-centric analysis of B2B Buy Now Pay Later industry, covering market opportunities across end-use sectors, retail product categories, sales channels, and company size segments. With 45+ KPIs, the report offers a comprehensive understanding of B2B BNPL market dynamics, size, forecast, and competitive landscape.

PayNXT360’s research methodology is based on industry best practices. Its unbiased analysis leverages a proprietary analytics platform to offer a detailed view of emerging business and investment market opportunities.

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Table of Contents

1. About this Report
1.1 Summary
1.2 Methodology
1.3 Definition
1.4 Disclaimer

2. India B2B BNPL Market Size and Future Growth Dynamics by Key Performance Indicators

3. India B2B Buy Now Pay Later Industry Attractiveness
3.1 India B2B Buy Now Pay Later – Gross Merchandise Value Trend Analysis, 2021–2030
3.2 India B2B Buy Now Pay Later – Average Value Per Transaction Trend Analysis, 2021–2030
3.3 India B2B Buy Now Pay Later – Transaction Volume Trend Analysis, 2021–2030
3.4 India B2B Buy Now Pay Later Market Share Analysis by Key Players

4. India B2B BNPL Snapshot by End-Use Sector, 2021–2030

5. India B2B Buy Now Pay Later in Retail: Market Size and Forecast, 2021–2030
5.1 India B2B Buy Now Pay Later Retail – Gross Merchandise Value Trend Analysis, 2021–2030
5.2 India B2B Buy Now Pay Later Retail – Average Value Per Transaction Trend Analysis, 2021–2030
5.3 India B2B Buy Now Pay Later Retail – Transaction Volume Trend Analysis, 2021–2030

6. India B2B BNPL Snapshot by Key Retail Product Categories, 2021–2030
6.1 India B2B Buy Now Pay Later – Electronics & Accessories – Gross Merchandise Value Trend Analysis, 2021–2030
6.2 India B2B Buy Now Pay Later – Office Supplies – Gross Merchandise Value Trend Analysis, 2021–2030
6.3 India B2B Buy Now Pay Later – Cleaning Products – Gross Merchandise Value Trend Analysis, 2021–2030
6.4 India B2B Buy Now Pay Later – Fashion & Apparel – Gross Merchandise Value Trend Analysis, 2021–2030
6.5 India B2B Buy Now Pay Later – Beauty & Personal Care – Gross Merchandise Value Trend Analysis, 2021–2030
6.6 India B2B Buy Now Pay Later – Pantry & Food Products – Gross Merchandise Value Trend Analysis, 2021–2030
6.7 India B2B Buy Now Pay Later – Other – Gross Merchandise Value Trend Analysis, 2021–2030

7. India B2B Buy Now Pay Later in Manufacturing: Market Size and Forecast, 2021–2030
7.1 India B2B Buy Now Pay Later Manufacturing – Gross Merchandise Value Trend Analysis, 2021–2030
7.2 India B2B Buy Now Pay Later Manufacturing – Average Value Per Transaction Trend Analysis, 2021–2030
7.3 India B2B Buy Now Pay Later Manufacturing – Transaction Volume Trend Analysis, 2021–2030

8. India B2B Buy Now Pay Later in Transport and Logistics: Market Size and Forecast, 2021–2030
8.1 India B2B Buy Now Pay Later Transport and Logistics – Gross Merchandise Value Trend Analysis, 2021–2030
8.2 India B2B Buy Now Pay Later Transport and Logistics – Average Value Per Transaction Trend Analysis, 2021–2030
8.3 India B2B Buy Now Pay Later Transport and Logistics – Transaction Volume Trend Analysis, 2021–2030

9. India B2B Buy Now Pay Later in Professional Services: Market Size and Forecast, 2021–2030
9.1 India B2B Buy Now Pay Later Professional Services – Gross Merchandise Value Trend Analysis, 2021–2030
9.2 India B2B Buy Now Pay Later Professional Services – Average Value Per Transaction Trend Analysis, 2021–2030
9.3 India B2B Buy Now Pay Later Professional Services – Transaction Volume Trend Analysis, 2021–2030

10. India B2B Buy Now Pay Later in Industrial Applications: Market Size and Forecast, 2021–2030
10.1 India B2B Buy Now Pay Later Industrial Applications – Gross Merchandise Value Trend Analysis, 2021–2030
10.2 India B2B Buy Now Pay Later Industrial Applications – Average Value Per Transaction Trend Analysis, 2021–2030
10.3 India B2B Buy Now Pay Later Industrial Applications – Transaction Volume Trend Analysis, 2021–2030

11. India B2B Buy Now Pay Later in Healthcare: Market Size and Forecast, 2021–2030
11.1 India B2B Buy Now Pay Later Healthcare – Gross Merchandise Value Trend Analysis, 2021–2030
11.2 India B2B Buy Now Pay Later Healthcare – Average Value Per Transaction Trend Analysis, 2021–2030
11.3 India B2B Buy Now Pay Later Healthcare – Transaction Volume Trend Analysis, 2021–2030

12. India B2B Buy Now Pay Later in Other Sectors: Market Size and Forecast, 2021–2030
12.1 India B2B Buy Now Pay Later Other – Gross Merchandise Value Trend Analysis, 2021–2030
12.2 India B2B Buy Now Pay Later Other – Average Value Per Transaction Trend Analysis, 2021–2030
12.3 India B2B Buy Now Pay Later Other – Transaction Volume Trend Analysis, 2021–2030

13. India B2B Buy Now Pay Later Spend Analysis by Sales Channel
13.1 India B2B BNPL Market Share by Sales Channel, 2021–2030
13.2 India B2B Buy Now Pay Later Online Channel Market Size and Forecast, 2021–2030
13.3 India B2B Buy Now Pay Later POS Channel Market Size and Forecast, 2021–2030

14. India B2B Buy Now Pay Later Spend Analysis by Company Size
14.1 India B2B Buy Now Pay Later Market Share by Size of Company, 2021–2030
14.2 India B2B Buy Now Pay Later by Company Size – Small – Gross Merchandise Value Trend Analysis, 2021–2030
14.3 India B2B Buy Now Pay Later by Company Size – Medium – Gross Merchandise Value Trend Analysis, 2021–2030
14.4 India B2B Buy Now Pay Later by Company Size – Large – Gross Merchandise Value Trend Analysis, 2021–2030

15. Further Reading
15.1 About PayNXT360
15.2 Related Research