Ecommerce Marketplace Solv Raises $40 Mn To Grow Its BNPL Loan Offerings
The round also saw participation from existing investor SC Ventures
Adding this round, Solv has raised nearly $80 Mn to date
It claims to be present in more than 200 cities and serves over 19,000 pin codes
B2B marketplace for MSMEs Solv has raised $40 Mn in Series A funding led by SBI Holdings. The round also saw participation from existing investor SC Ventures. With this round, Solv has raised nearly $80 Mn to date.
Solv plans to use the fresh funds to launch additional high-margin product categories and expand to more than 300 cities in India. With the fresh funding, it also plans to drive the expansion of buy now pay later (BNPL) loans. In addition, Solv also plans to expand its anchor-led retailer finance to 50,000+ retailers.
Founded in 2019, Solv is an emarketplace for suppliers and buyers across MSMEs in India. It operates in different categories such as grocery and fast-moving consumer goods (FMCG), readymade apparel, electronic and accessories, home furnishings, and footwear and accessories.
Currently, it claims to be present in more than 200 cities and serves over 19,000 pin codes. Moreover, it currently has more than 220,000 KYC-verified MSME users on its platform.
Solv platform offers a full bouquet of financial solutions for business expansion, supply chain financing and merchant BNPL to support small businesses. The Bengaluru-based startup has also developed a Solv scoring system to provide an alternative credit score to help thin-filed MSMEs customers avail credit on-demand. Recommended For You: “At Solv, we are passionate about improving the livelihoods of millions of underserved MSMEs in India and globally. The learnings in India, and the resultant development in product, technology and platform is also enabling us to create workable models for MSMEs in other geographies across the world,” Amit Bansal, CEO, Solv, said.Bansal is optimistic that this investment will give […]
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