StanChart’s arm-backed B2B platform Solv sees $40mn series-A spherical

Mumbai: SC Ventures-backed Solv, a B2B (business-to-business) platform for small companies, has raised $40 million in its series-A investment spherical led via Japan’s SBI Holdings. SC Ventures, an arm of Usual Chartered Financial institution, additionally participated within the spherical. The corporate has mentioned it is going to use the cash to get into new product traces and succeed in out to small companies in 300 towns.
Solv is helping MSMEs that enlist on its platform to glue and negotiate with verified dealers and patrons. It additionally permits door-step pick-up and supply of products, and has tied up with lenders for quick & simple get right of entry to to finance in addition to simplified enterprise strengthen purposes. The corporate is anticipating to file a gross products worth of part one thousand million greenbacks on its platform via the top of 2022.
The corporate has introduced a ‘purchase now, pay later’ proposition on its platform to facilitate the graceful glide of running capital to hundreds of MSMEs, even all over the pandemic.
“In a 12 months ravaged via Covid, Solv has been ready to determine itself as a unswerving spouse to over 2.2 lakh MSMEs. The learnings in India, and the consequent building in product, generation, and the platform may be enabling us to create workable fashions for MSMEs in different geographies internationally. This strategic partnership and funding will give us vital tailwinds and assist us develop into a dominant B2B participant over the following 12-18 months,” mentioned Solv CEO Amit Bansal.
In keeping with SBI Holdings CEO Yoshitaka Kitao, the corporate invested in Solv as they be expecting it to be a world generation powerhouse and play a defining position within the expansion of underserved MSMEs. “Their function deeply aligns with our philosophy of turning into the chief in growing and cultivating the core industries of the twenty first century. Our funding in Solv is a reinforcement of our dedication to creating economies, particularly India,” mentioned Kitao.
Solv’s small companies come with the ones in classes equivalent to grocery and fast-moving shopper items (FMCG), readymade attire, electronics & equipment, house furniture, and shoes & equipment. It these days serves companies in over 200 towns in India. It has recorded $260 million gross products worth within the first part of 2022 with about 60% moderate repeated purchases.


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