Solv, a business-to-business marketplace, has reportedly raised USD 40 million in a Series A funding round that was led by SBI Holdings from Japan, along with added participation from SC ventures. The company’s total funds raised have now reached around USD 80 million to date.
For the unversed, the Bengaluru-based Solv will use the latest funding to broaden its buy now pay later offering, introduce more high-margin products, and grow its geographical reach.
Yoshitaka Kitao, the Chief Executive Officer of SBI Holdings, was quoted saying that this is one of the most valuable investments in the region for financial service companies. Kitao also believes that Solv will grow into a worldwide technology powerhouse that supports micro, small, and medium-sized businesses.
According to Amit Bansal, Solv Chief Executive, around 220,000 MSMEs were supported by Solv during the pandemic. The company said it will use the lessons learned in India to develop models that will work in international markets.
Bansal described the SBI Holdings investment as a long-term strategic collaboration that will aid Solv in becoming a prominent player in the B2B sector over the next 18 months.
With a presence in more than 200 locations and serving over 220,000 MSMEs, Solv enables MSMEs to trade in a variety of categories, including grocery and fast-moving consumer goods (FMCG), electronic & accessories, home furnishings, readymade clothes, and footwear & accessories.
The company also intends to add 50,000 more merchants to its anchor-led retailer finance program and is building an international tech stack out of India to support the expansion of operations in numerous African and Southeast Asian nations.
It is worth mentioning here that the 18-month-old Solv has already generated USD 260 million in the first half, and now aims to generate USD 500 million in gross merchandise volume from India by the end of 2022.
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