Revenue-based financing marketplace GetVantage has raised $36 million in a new round led by Varanium Nexgen Fintech Fund, DMI Sparkle Fund, and existing backers: Chiratae Ventures and Dream Incubator Japan.
Sony Innovation Fund, InCred Capital, and Haldiram’s Family Office have also participated in the round. This takes the total funding raised by the Mumbai-based startup to $41 million including a $5 million seed round in October 2020.
The company will use proceeds to enhance technology infra and explore new-market opportunities across Southeast Asia among others, said GetVantage in a press release.
Launched in 2020 by Bhavik Vasa and Amit Srivastava, GetVantage provides equity-free capital to Small and Medium Enterprises (SMEs) in the range of $10K to $500K against their revenue history and projections.
According to GetVantage, it has seen 4,000 loan applications so far and achieved 300% year-on-year (YoY) growth in 2021. Importantly, the company claims that its borrowers have achieved 1.8X revenue growth post financing on average.
GetVantage further added that it has financed over $270 million (Rs 2,200 crore) in Gross Merchandising Volume (GMV) for over 350 borrowers including Jade Forest, Naagin, Nua Wellness, Rage Coffee, and Sid Farms.
Cashing on its seed round, the company scaled at a scorching pace during the last fiscal year. GetVantage’s scale grew 12X to Rs 5.43 crore during FY22 from Rs 42 lakh in FY21, as per its unaudited annual financial statement filed with the Registrar of Companies (RoC). Meanwhile, the company’s losses surged 3.3X to Rs 2.84 crore in the fiscal year ending March 2022 from Rs 86 lakh in FY21.
GetVantage competes with the likes of Klub, Velocity, and N+1 Capital.