GetVantage, a Mumbai-based fintech platform innovating Revenue-Based Financing (RBF) for e-commerce and online businesses across India and Southeast Asia, announced on Tuesday that it has raised US$ 5 million in a seed round held in October 2020.
The fund is a mixture of equity and debt-line and the investment was led by Chiratae Ventures (formerly known as IDG Ventures) along with Japanese Dream Incubator and other marquee NBFCs and debt funds.
GetVantage plans to use this funding to empower India’s young e-commerce brands and the developing Direct to Consumer (D2C) sector for scaling and sustainably achieving profitable targets. In the next two years, the company aims to expand into new markets across Southeast Asia, starting with Singapore.
GetVantage’s portfolio includes brands across e-commerce and direct-to-consumer (DTC) categories, including Edtech, e-learning, B2B SaaS and subscription-based services, personal care, home care, health foods and fashion. Unlike traditional funding sources, it doesn’t require business owners to give up equity or control through board seats or warrants.
What the founder has to say
“GetVantage is designed to help hundreds of small businesses owners with immediate and fair access to the capital they need to harness these new growth opportunities,” said Bhavik Vasa, Founder GetVantage.
“We’re fast seeing RBF becoming a preferred funding method for founders and startups looking to drive growth as it sits at the sweet spot between equity financing and debt, without any of the downsides. Our data-driven approach is based on performance. We connect to a customer’s existing sales and marketing platforms, like Shopify, Stripe, Google, and Facebook,” he also added.
About GetVantage
GetVantage was founded in 2019 by experienced fintech entrepreneur Bhavik Vasa (prior experience at ItzCash and EbixCash), tech and Operation Programme Software veteran Amit Srivastava (prior experience at SBC FinTech), and incubation advisor Sachin Tagra (prior experience at Brand Capital). It is headquartered in Mumbai, India.
Its fintech platform utilises an assortment of sales, marketing, and accounting data to make growth capital for businesses based on current and projected revenue quicker than traditional sources.
About Chiratae Ventures
It is a leading technology venture capital in India, founded by Sudhir Sethi and TC Meenakshisundaram, with headquarters in Bangalore, India. It has been an investor in companies including Funzio, Tencent, Baidu, Netscape, BabyCenter, Sohu, Vancl, Flipkart, Myntra, Yatra, Brainbees (FirstCry.com), Vserv, Manthan Software, Valyoo (Lenskart.com), Actoserba (Zivame.com), NestAway and Hiree. Chiratae Ventures was founded in 2006.
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Revenue-based financing is similar to equity financing in that funding is secured through investors or firms such as Venture Capitalists (VC). They differ, though, in that VC financing requires a share of the company or a seat on the board. Revenue Based funding does not require any control of the investment company. It leaves decisions and ownership entirely to the founder.