Solv, a B2B digital marketplace for MSMEs, has raised $40 million in its latest round of funding led by marquee investor SBI Holdings, with participation from SC Ventures, taking the company’s total funding to nearly $80 million.
The startup will use the fresh funds to launch additional high-margin product categories and expand to 300+ cities in India. The funding will also drive expansion of BNPL (Buy Now Pay Later) loans, particularly in the NTC (New-To-Credit) segment.
Solv has become India’s fastest growing B2B marketplace within 18+ months of launch, with a 220,000+ KYC-verified Micro, Small, and Medium Enterprises base and over 10x growth in Gross Merchandise Value with 60 percent repeats. Solv is targeting half a billion-dollar GMV run-rate and positive unit economics by December 2022 from the India market alone.
Amit Bansal, CEO, 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. At this critical juncture of Solv’s journey, we are humbled to welcome on board SBI Holdings as a long-term partner. This strategic partnership and investment will give us significant tailwinds and help us become a dominant B2B player over the next 12-18 months.”
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