B2B digital marketplace Solv secures $40 million in its Series A round of funding
- ByStartupStory | June 27, 2022
In its most recent round of fundraising, Solv, a B2B digital platform for MSMEs, secured $40 million (more than Rs 300 crore), including participation from SC Ventures, which served as an incubator and early-stage investor of Solv. The round was headed by marquee investor SBI Holdings.
With this fundraising effort, Solv’s total financing has reached around $80 million. The stratup plans to expand to more than 300 Indian locations and provide new high-margin product categories. The money will also encourage the growth of BNPL loans, especially in the NTC (New-To-Credit) market.
Yoshitaka Kitao, CEO of SBI Holdings, commented on the transaction and said, “As one of our largest investments in the area, we are thrilled to lead Solv’s Series A capital raising. We are optimistic that Solv will emerge as a leading global technology company and exert a significant influence on the growth of underrepresented MSMEs. Its goal closely reflects our attitude of taking the lead in developing the key industries of the twenty-first century. Our investment in Solv is a further demonstration of our dedication to emerging markets, particularly India.”
The company claims that within 18+ months of its launch, Solv has become India’s fastest-growing B2B marketplace, with a base of 220,000+ Know Your Customer (KYC)-verified Micro, Small, and Medium Enterprises (MSMEs) and a growth in Gross Merchandise Value (GMV) of over 10x with about 60% repeat business. By December 2022, Solv hopes to generate half a billion dollars in GMV run-rate and profitable unit economics from the Indian market alone.
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