Mumbai, India-based leading lending platform for small and medium enterprises (SMEs), GetVantage, raised USD 36 million in growth funding. The round took place on June 30, 2022. Varanium Nexgen Fintech Fund, DMI Sparkle Fund led the funding for GetVantange. Meanwhile, existing investors Chiratae Ventures and Dream Incubator Japan. The round also saw participation from new investors, including Sony Innovation Fund, InCred Capital, and Haldiram’s Family Office.
The funding is a combination of equity and debt. So far, the total investment raised by the company stands at USD 40 million. As a part of the deal, Aparajit Bhandarkar, Partner at Varanium Capital, will join GetVantage’s board of directors.
Purpose of Funding by GetVantage
With the latest capital infusion, the company will boost its performance-based financing solution as well as embedded finance product.
GetVantage also will look to enhance its technology infrastructure. Further, the fintech platform will scale its product suite and diversify its growing portfolio of B2B SaaS and subscription-driven businesses.
Moreover, the company will seek new-market opportunities across Southeast Asian regions.
What the founder has to say
Bhavik Vasa, Founder and CEO of GetVantage, said, “From day one, GetVantage’s mission has been to reshape the landscape of small business finance so that entrepreneurs have more access, choice, and control. We’re thrilled to welcome Varanium NexGen Fund, DMI Sparkle Fund, Sony Innovation Fund, InCred Capital, and Haldiram’s Family Office to our growing team of phenomenal investors and advisors to further our mission to help India’s new economy and brands unlock revenue potential on their terms. Aparajit is a leader with whom we share a commitment to helping founders win. We are thrilled to welcome him to the team.”
He further said, “We’re seeing thousands of new businesses and home-grown brands eager to scale up. We are excited to work with incredible investors and funding partners like DMI Finance and InCred to provide founder-friendly capital to supercharge growth for over 1,000+ businesses in the next year.”
What the investors have to say
Saurabh Jhalaria, CEO, InCred Finance, said, “With proven success in global markets, RBF is now gaining momentum in India, and we are excited to join hands with GetVantage, a revenue-based financing platform, to enable players in the D2C / SaaS segment to scale faster by giving them quick and easy access to credit. Combining GetVantage’s ability to source high-quality companies with our robust tech infrastructure and unmitigated risk management makes this an indomitable association, providing us with the opportunity to serve every business’ finance and growth needs at all touchpoints. With an extremely swift TAT and at a scale that is outsized.”
Shivashish Chatterjee, Co-founder and Joint MD, DMI Group, said, “The robust platform, high-quality portfolio, and innovative product suite built by the GetVantage team is fueling impressive growth for businesses across sectors including D2C brands, B2B SaaS, etc. We’re excited to support GetVantage in their mission to provide India’s new-age businesses with a modern, flexible capital alternative like performance-based financing that is frictionless and stress-free.”
In addition, Venkatesh Peddi, Managing Director, Chiratae Ventures, said, “The strong growth the GetVantage team has delivered in a short period of time is impressive. GetVantage’s powerful platform combines customer-centric product design, world-class technology infrastructure, and an unwavering commitment to helping founders win. We have great confidence in the team. We are thrilled to further support their vision in creating a high-impact platform to empower India’s digital entrepreneurs.”
Aparajit Bhandarkar, the Partner at Varanium Nexgen Fund, said, “By using data to unlock capital access for SMEs, GetVantage is pioneering a new approach to empowering thousands of eCommerce entrepreneurs to grow their businesses on their terms. At Varanium, we look to partner with founders and teams that have a bold approach to solving massive problems. We are thrilled to support Bhavik and the GetVantage management team to help accelerate GetVantage’s next growth phase and unlock capital and revenues for thousands of fast-growing businesses that will power the future of India’s digital economy.”
About GetVantage
GetVantage serves as a revenue-based financing fintech and growth platform for SMEs. Bhavik Vasa and Amit Srivastava launched the company in 2020. The startup provides entrepreneurs with equity-free capital. The ticket size for the capital stands between USD 10,000 – 500,000 (INR 5 lakh to INR 5 crore). Its clientele boasts of companies such as Arata, BoldCare, Eat Better, Jade Forest, Naagin, Nua Wellness, Rage Coffee, Sid Farms, Zymrat and many more.
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