GetVantage raises $36 million

1 Jul 2022 , 01:35 PM

GetVantage, a Mumbai-based lending platform for small and medium-sized businesses (SMEs), announced on June 30 that it had raised $36 million in funding, with the help of existing investors Chiratae Ventures and Dream Incubator Japan as well as Varanium Nexgen Fintech Fund, DMI Sparkle Fund, and others.

Between the company’s Seed and Series A rounds, the round included investors like Haldiram’s Family Office, InCred Capital, and Sony Innovation Fund.

GetVantage, founded in 2020 by former EbixCash executives Bhavik Vasa and Amit Srivastava, enables startups to get loans from lending partners between $10,000 and $500,000 within days, based on the sales success of these businesses.

Over 350 companies representing over $270 million in Gross Merchandise Value (GMV) across 18 categories, including B2B SaaS and subscription businesses, D2C, e-commerce, edtech, health tech, cloud kitchens, and nutrition, have been funded through the company’s marketplace.

The company plans to expand its financing solution and embedded finance product, improve technology infrastructure, scale its product line, increase its growing portfolio of B2B SaaS and subscription-driven businesses, and explore new market opportunities throughout Southeast Asia with the money raised from the fundraising.

Vasa, the company’s CEO, stated, “We are pleased to collaborate with fantastic investors and funding partners like DMI Finance and InCred to provide founder-friendly capital. We are witnessing thousands of new enterprises and home-grown brands eager to expand up.”

Through GetVantage’s platform, nearly 4,000 enterprises have requested non-dilutive finance. The company helps brands double concentrate on growth areas like marketing, inventory, logistics, and expansion by using a data-driven approach to eliminate prejudice and enable quicker funding decisions.

GetVantage grew by 300% year over year (YoY) in 2021. The business claims that it further assisted brands in averaging 1.8x post-funding revenue growth. The business wants to scale its embedded finance solution by 30 times in the future.

In 2020, GetVantage completed a $5 million seed round, bringing its total funding to $40 million.

Arata, BoldCare, Eat Better, Jade Forest, Naagin, Nua Wellness, Rage Coffee, Sid Farms, Zymrat, and other brands are vying for credit on its platforms.