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GetVantage announces Rs 100 Cr fund for supporting women entrepreneurs

GetVantage plans to distribute funds through its NBFC GetGrowth Capital and Varanium's Debt Fund partnership, alongside other NBFCs and AIFs.

GetVantage announces Rs 100 Cr fund for supporting women entrepreneurs

Friday March 08, 2024 , 2 min Read

Alternative financing fintech platform GetVantage has launched Rise-Up Fund with an initial corpus of Rs 100 crore to support over 400 women-led businesses and enable them to scale up within the next 12 months.

The platform plans to distribute funds through its NBFC GetGrowth Capital and Varanium's Debt Fund partnership, alongside other NBFCs and AIFs.

“Despite running successful businesses, women entrepreneurs everywhere remain chronically underrepresented and underserved by the incumbent venture finance infrastructure. The Rise-Up fund by GetVantage expands our commitment to empowering women entrepreneurs in India,” said Karun Arya, Chief Growth Officer, GetVantage.

Women-owned businesses in India face an unmet credit gap of more than $11.4 billion, with women founders receiving only 5.2% of outstanding loans from Indian public sector banks, according to the World Economic Forum and IFC report.

Encubay's report further revealed that female-founded ventures received only 4.5% of the total funding ($6.6 billion) in 799 deals over the past nine months.

Founded in 2020 by Bhavik Vasa and Amit Srivastava, Mumbai-based GetVantage is a cashflow-based financing platform. It secured an NBFC license earlier last year and claims to have facilitated equity-free funding for over 800+ companies across 20+ sectors like B2B SaaS, ecommerce, D2C, edtech, and cloud kitchens.

It announced its SaaS Accelerator Fund II in January, with a corpus of Rs 250 crore.

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More than 40% of GetVantage's portfolio is led by women entrepreneurs, including Capsul, Open Secret, Samosa Singh, HyugaLife, Ziniosa, MyMuse, Eat Better, The Ayurveda Co, Noto, The Indus Valley, and Sweet Karam Coffee, among others, the company said.

It is backed by investors like Chiratae Ventures, Varanium, InCred, DMI, Sony, and Dream Incubator, and has raised about $41 million (equity and credit lines) across two funding rounds.

In 2023, GetVantage partnered with the exclusive women's community leap.club to drive engagement among Indian women entrepreneurs and foster strong connections, conversations and growth.


Edited by Kanishk Singh