Solv, an India-based B2B marketplace for MSMEs has raised $40 Million in series A round funding led by Japan’s SBI Holdings, in participation with SC Ventures.
“The startup plans to use the fresh funding to launch its additional high margin product categories and to expand in over 300 Indian cities,” the statement said.
The startup further plans to expand its BNPL (Buy Now Pay Later) loans in NTC (New to Credit) segment and to expand its anchor-led retailer finance to over 50,000 retailers.
Speaking on the funding in Solv, Yoshitaka Kitao, CEO, of SBI Holdings, said, “We are excited to lead Solv’s Series A to fundraise, one of our largest investments in the region. We are confident that Solv will become a global technology powerhouse and play a defining role in turbo-charging the growth of underserved MSMEs.”
“Their purpose deeply aligns with our philosophy of becoming the leader in creating and cultivating the core industries of the 21st century. Our investment in Solv reinforces our commitment to developing economies, especially India,” Kitao added.
With this fresh round, Solv’s total funding tolls to $80 million till-to date.
Commenting on the fundraise, Amit Bansal, CEO of Solv said, “At Solv, we are passionate about improving the livelihoods of millions of underserved MSMEs in India and globally. In a year ravaged by Covid-19, Solv has been able to establish itself as a dependable partner to 220,000+ MSMEs. The learnings in India and the resultant development in the product, technology, and the platform is also enabling us to create workable models for MSMEs in other geographies across the world.”
“At this critical juncture of Solv’s journey, we are humbled to welcome SBI Holdings as a long-term partner on board. This strategic partnership and investment will give us significant tailwinds and help us become a dominant B2B player over the next 12-18 months,” Bansal added.
Further talking about the funding round, Alex Manson, Head of SC Ventures, said “The team’s obsession for the customer and their discipline of execution is impressive. Solv’s rapid growth since launch demonstrates the huge market potential in the B2B space. The partnership with SBI Holdings will help us accelerate the growth of Solv in India and expand its footprint globally.”