GetVantage secures NBFC licence, plans to raise Rs 200 crore debt
- ByStartupStory | May 4, 2023
GetVantage, an Indian platform offering revenue-based financing to SMEs, has obtained a Non-Banking Financial Company license from the Reserve Bank of India. With this license, GetVantage can directly lend to SMEs, rather than only serving as a loan service provider. The platform currently has 10 co-lending partners, which are banks and NBFCs, and plans to expand its lending pool further.
GetVantage has received an NBFC license from the Reserve Bank of India, enabling its NBFC arm, GetGrowth Capital, to run its lending operations directly. The NBFC is being capitalized with Rs 50 crore, with a total aim of raising Rs 200 crore to scale up its operations. GetVantage offers non-dilutive upfront capital to SMEs, in partnership with lending partners, based on their future revenue, and takes a pre-determined share of the same. The company was founded in 2020 by Bhavik Vasa and Amit Srivastava.
With support from investors including Chiratae Ventures, Varanium, InCred, DMI, Sony, and Dream Incubator, revenue-based financing platform GetVantage has raised a total of $41 million in equity and credit lines from two funding rounds. The company claims to have helped secure funding for more than 500 new economy businesses over the past year and a half, and expects to distribute more than Rs 500 crore annually.
With the SME working capital opportunity estimated to be over $300 billion in India, GetVantage has become one of the few fintech firms to secure an NBFC licence. The firm joins a small group of companies, including neo-banking startup Jupiter, which also obtained an NBFC licence in April. Over the last 18 months, GetVantage claims to have facilitated funding for more than 500 new economy businesses and aims to achieve annual disbursements of over Rs 500 crore. The startup has raised about $41 million from investors such as Chiratae Ventures, Varanium, InCred, DMI, Sony, and Dream Incubator across two funding rounds.
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