GetVantage supports cleantech businesses on its marketplace with US$ 5 million in non-dilutive finance

• ByStartupStory     |    December 24, 2022

GetVantage, India’s top revenue-based financing (RBF) and growth platform for founders, has solidified itself as a preferred alternative funding platform for cleantech businesses, with businesses such as BluSmart, ChargeZone, EMotorad, Buyofuel, and Verve Renewables raising over US$ 5 million (INR 40 crore) via its marketplace in the last quarter alone.

GetVantage, a company founded in 2019 by Bhavik Vasa and Amit Srivastava, is still at the forefront of India’s alternative finance (alt-Fi) movement. The business has built up a sizeable portfolio of more than 400 new-age companies while expanding into other industries this year, such as B2B SaaS and cleantech.

Additionally, GetVantage has designated cleantech as a priority industry and anticipates significantly increasing its focus on partnering with more entrepreneurs developing cutting-edge EV, climate-tech, and other green technology solutions to provide them with founder-friendly, equity-free funding options. As more customers switch to sustainable solutions, the size of the global cleantech market will increase from $122 billion in 2022 to $870 billion in 2030, according to the International Energy Agency.

Bhavik Vasa, Founder & CEO, GetVantage, shares, “We’re seeing a paradigm shift as consumers look to make smarter choices and minimize their carbon footprint. At GetVantage, we are happy to support companies like BluSmart, ChargeZone, and EMotorad that are at the forefront of an important, growing industry. We firmly believe that 2023 will be a breakout year for cleantech businesses. Hundreds of entrepreneurs are designing the future of sustainable urban mobility in their quest to build a more sustainable future for all. GetVantge is excited to support founders in the EV, climate-tech, and broader green-tech spaces with similarly sustainable funding options that are designed for environmentally conscious businesses.”

The first fully electric, shared smart transportation platform in India, BluSmart, raised $25 million in a Series A round that was co-led by BP Ventures in the past. While EMotorad is an electric vehicle firm that supports futuristic e-bikes, ChargeZone is a tech-driven electric vehicle charging infrastructure that provides an unmanned EV charging experience for the end user. Verve Renewables collects and turns farm waste into electricity, whereas Buyofuel is an online marketplace that makes it easier to buy and sell green fuel. Since the GetVantage platform allowed them to acquire the growth capital they required without diluting stock, all of these businesses used it to accelerate growth through revenue-based financing.

Punit Goyal, Co-Founder of BluSmart, said, “BluSmart is super excited to partner with GetVantage on our mission to decarbonize mobility in India for a better future. BluSmart operates one of the largest fully-electric ride-hailing fleets in the world (with 3000 BluSmart EVs) and one of the largest EV Charging Superhub infrastructures (with 2000+ BluSmart EV charging stations). The support of incredible funding partners like GetVantage is invaluable, as it allows us to focus on growth and not have to worry about fundraising. With all the talk about a funding winter, it was incredibly refreshing to secure funding through the GetVantage platform in a manner that was quick, frictionless, and hassle-free. The best part is we didn’t have to dilute any equity.”  

GetVantage is on track to 20x the size of its financing gateway and marketplace in 2023, and it wants to collaborate with many more cleantech companies (such as FiRBattery, Battery Tech,   and reTechnology for Renewable Energy). The company uses a data-driven strategy to enable funding up to INR 10 crores in as little as 7 days and collaborates with authorized banks and NBFCs to offer a variety of equity-free debt financing alternatives to new-age businesses.

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