India-based GetVantage raises $36M in a new round led by Varanium Nexgen, DMI Sparkle Fund, and existing backers
- ByStartupStory | June 30, 2022
GetVantage, a revenue-based financing platform for online-only businesses, has secured $36 million in an expansion round headed by Varanium Nexgen Fintech Fund and DMI Sparkle Fund. GetVantage is based in Mumbai. Returning investors Chiratae Ventures and Dream Incubator Japan doubled down on their investments as co-leads of the round. Along with other new investors, the round included Haldiram’s Family Office, InCred Capital, and Sony Innovation Fund.
The Varanium Capital Partner Aparajit Bhandarkar will become a member of the GetVantage board of directors. GetVantage has now received $40 million in total, including lending lines from NBFC partners, with this round. Chiratae Ventures and Dream Incubator Japan were the lead investors in its most recent $5 million equity and loan round, which was completed in October 2020.
According to a statement from the company, the capital will be used to expand its embedded finance product and performance-based financing solution, improve technology infrastructure, scale its product line, and add to its expanding portfolio of business-to-business SaaS and subscription-driven businesses. Additionally, it will look into fresh markets in Southeast Asia.
Bhavik Vasa, the founder and CEO of GetVantage, said in a statement, “We’re thrilled to welcome Varanium NexGen Fund, DMI Sparkle Fund, Sony Innovation Fund, InCred Capital, and Haldiram’s Family Office to our growing team of phenomenal investors and advisors to further our mission to help India’s new economy and brands unlock revenue potential on their terms. he continued, “We’re seeing thousands of new businesses and indigenous brands hungry to scale up, and we’re thrilled to work with amazing investors and funding partners like DMI Finance and InCred to provide founder-friendly money to turbo growth for over 1,000+ enterprises in the coming year.”
Bhavik and Amit Srivastava founded GetVantage in 2019, and the company states that it has funded more than $270 million in Gross Merchandise Value (GMV) for over 350 brands across 18 categories, including B2B SaaS and subscription, Direct-to-Commerce, ecommerce, edtech, healthtech, cloud kitchens, and nutrition. Arata, Rage Coffee, Naagin, BoldCare, SidFarms, Zymrat, and other brands are among its portfolio of brands. Along with access to ecommerce enablement services like marketing, sales, shipping, payment gateways, and others, GetVantage also boasts a network of over 50 platform alliances. It faces off against companies like Klub, Velocity, and N+1 Capital.
Aparajit Bhandarkar, Partner at Varanium Nexgen Fund, stated in the release, “GetVantage is pioneering a new strategy to allow thousands of ecommerce entrepreneurs to grow their businesses on their terms.”
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