Indian lending platform GetVantage has raised a funding of $36m to offer revenue-based financing to small and medium-sized businesses.
The round, which is between GetVantage’s Seed and Series A round, was led by Nexgen Fintech Fund, DMI Sparkle Fund, and returning investors Chiratae Ventures and Dream Incubator Japan.
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It was also joined by Sony Innovation Fund, InCred Capital, and Haldiram’s Family Office among others.
The SME lender will use the proceeds to grow its financing solution and embedded finance product.
GetVantage also plans to enhance its technology infrastructure, offer new products, and expand the portfolio of B2B SaaS and subscription-driven businesses.
Furthermore, the investment will be used to explore new market opportunities in regions across Southeast Asia.
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By GlobalDataThe startup offers loans between $10,000 to $500,000 via lending partners based on the SME’s revenue performance.
It claims to have offered more than $270m to over 350 brands across 18 categories including B2B SaaS, D2C, edtech, e-commerce, health tech, and nutrition.
GetVantage CEO Bhavik Vasa said: “We are 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.”
The firm had raised $5m in 2020 as part of its Seed round.
Varanium Nexgen Fund partner Aparajit Bhandarkar 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.”
