B2B digital marketplace Solv raises $40M in funding led by SBI Holdings
, a B2B digital marketplace for MSMEs, has raised $40 million (over Rs 300 crore) in its latest round of funding led by marquee investor SBI Holdings, with participation from SC Ventures, which has been an incubator and early-stage investor of Solv.
This round of fundraise takes Solv’s total funding to nearly $80 million.
The stratup 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.
Commenting on the investment, Yoshitaka Kitao, CEO, SBI Holdings, said,
“We are excited to lead Solv’s Series A fund raise, 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. Its 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 is a reinforcement of our commitment to developing economies, especially India.”
According to a statement by the company, Solv has become India’s fastest growing B2B marketplace within 18+ months of launch, with a 220,000+ Know Your Customer (KYC)-verified Micro, Small, and Medium Enterprises (MSMEs) base and over 10x growth in Gross Merchandise Value (GMV) with ~60 percent repeats.
Solv is targetting half a billion-dollar GMV run-rate and positive unit economics by December 2022 from the India market alone.
Commenting on leading Solv’s growth to the next stage, Amit Bansal, CEO, Solv, said,
“At Solv, we are passionate about improving 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 product, technology, and 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 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.”
“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 growth of Solv in India and expand its footprint globally,” added Alex Manson, Head, SC Ventures.