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SME credit enabling platform GetVantage raises $36 million, eyes Southeast Asia expansion

Besides its global expansion plans, GetVantage will use the funds for growing its financing solution and embedded finance product, client portfolio and tech infrastructure.

June 30, 2022 / 11:51 AM IST
GetVantage co-founders Amit Srivastava and Bhavik Vasa (L-R)

GetVantage co-founders Amit Srivastava and Bhavik Vasa (L-R)

GetVantage, a Mumbai-based lending platform for small and medium enterprises (SMEs), said on June 30 that it has raised $36 million led by Varanium Nexgen Fintech Fund, DMI Sparkle Fund, and existing investors Chiratae Ventures and Dream Incubator Japan.

The round is between the company's Seed and Series A round and also saw participation from Sony Innovation Fund, InCred Capital, and Haldiram’s Family Office amongst others.

Founded in 2020 by former EbixCash executive Bhavik Vasa along with tech and ops veteran Amit Srivastava, GetVantage enables startups to get access to loans between $10,000 to $500,000 within days from lending partners, based on the revenue performance of these companies.

The company's marketplace has enabled funding for over $270 million in Gross Merchandise Value (GMV) for over 350 brands across 18 categories including B2B SaaS and subscription businesses, D2C, e-commerce, edtech, healthtech, cloud kitchens, and nutrition.

The company will use the proceeds of the fundraise for growing its financing solution and embedded finance product, enhance technology infrastructure, scale its product suite, expand their growing portfolio of B2B SaaS and subscription-driven businesses and will also explore new-market opportunities across Southeast Asia.

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Vasa, who is also the CEO of the company said, "We’re seeing thousands of new businesses and home-grown brands eager to scale up and we are excited to work with incredible investors and funding partners like DMI Finance and InCred to provide founder-friendly capital."

Nearly 4,000 businesses have applied for non-dilutive financing via GetVantage's platform. The company uses a data-driven approach to eradicate bias and enable faster funding decisions to help brands double down on growth areas like marketing, inventory, logistics, and expansion.

In 2021, GetVantage saw 300 percent year-on-year (YoY) growth. According to the company, it also helped brands achieve 1.8x revenue growth post-funding on average. Going forward, the startup is aiming to scale its embedded finance solution by 30x.

Speaking on the fundraising, Aparajit Bhandarkar, Partner, Varanium Nexgen Fund who will now join the company's board said, "By using data to unlock capital access for SMEs, GetVantage is pioneering a new approach to empowering thousands of e-commerce entrepreneurs to grow their businesses on their terms."

GetVantage raised $5 million as part of its seed round in 2020, taking its total fundraise to $40 million.

Brands seeking credit on its platforms include Arata, BoldCare, Eat Better, Jade Forest, Naagin, Nua Wellness, Rage Coffee, Sid Farms, Zymrat, and others.
Moneycontrol News
first published: Jun 30, 2022 11:51 am
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