Indian revenue-based finance firm GetVantage secures $36m funding
GetVantage, an Indian revenue-based financing platform for small and medium-sized enterprises (SMEs), has raised $36 million in a growth funding round.
The round was co-led by Varanium Nexgen Fintech Fund, DMI Sparkle Fund and returning investors Chiratae Ventures and Dream Incubator Japan.
New investors who participated in the round include Sony Innovation Fund, InCred Capital and Haldiram’s Family Office, among others.
Combined with the company’s $5 million funding round announced in 2020, this new investment brings GetVantage’s total funding to $41 million.
The company says the new funds will be used to grow its platform and scale its integrated finance product, improve its technology infrastructure, expand its growing portfolio of SaaS B2B and subscription-based businesses, and explore new opportunities for market in Southeast Asia.
Launched in 2020, GetVantage offers entrepreneurs access to capital-free capital between $10,000 and $500,000 “in as little as five days.”
GetVantage claims that it provides “a founder-friendly alternative” to traditional funding sources, such as venture capital and bank debt. It uses data to accelerate funding decisions and help businesses grow.
The company claims to have nearly 4,000 businesses using its platform, seeing 300% year-over-year growth in 2021 and funding over $270 million in gross merchandise volume to date.