GetVantage, a revenue-based financing platform for SMEs, has raised $36 million in a funding round led by Varanium Nexgen Fintech Fund, DMI Sparkle Fund, and existing investors Chiratae Ventures and Dream Incubator Japan.
Other investors who participated in the round included Sony Innovation Fund, InCred Capital and Haldiram's Family Office.
The latest round has brought the total funding of GetVantage to over $40 million, combined with the $5 million seed round announced in 2020. This includes multiple debt lines with leading NBFC partners to scale its finance and growth platform.
Aparajit Bhandarkar, Partner, Varanium Capital, will be joining GetVantage's board of directors.
GetVantage, a new approach to empower thousands of eCommerce entrepreneurs by using data to unlock capital access for SMEs, has been pioneered by GetVantage to enable them to grow their businesses on their own terms, said Bhandarkar.
GetVantage launched in 2020 and offers entrepreneurs access to equity-free capital between $10,000 and $500,000 Rs 5 lakh and Rs 5 crore in just five days - a founder-friendly alternative to traditional funding sources like venture capital and bank debt.
Nearly 4,000 businesses have applied for non-dilutive financing through its platform, with the start-up registering a 300% year-on-year YoY growth in 2021. More than 350 brands from across 18 categories have been supported by GetVantage's revenue-based financing marketplace with over $270 million in GMV.
The Mumbai-based start-up was founded in 2020 by the fintech entrepreneur Bhavik Vasa along with technology and operations veteran Amit Srivastava.
The mission of GetVantage has been to reshape the landscape of small business finance from day one, so entrepreneurs have more access, choice and control, said Vasa.