An updated investment round headed by Varanium Nexgen Fintech Fund, DMI Sparkle Fund, Chiratae Ventures, and Dream Incubator Japan saw the raising of US $36 million for the revenue-based financing platform GetVantage.
The acquisition increased GetVantage’s total capital raised to date to more than US $40 million, according to the India-based startup, making it one of the largest expansion rounds in the nation. A number of debt lines from non-bank financial institutions were also incorporated in order to grow the startup’s loan disbursement options.
GetVantage, a company founded in 2020, offers equity-free loans to SMEs based on those companies’ historical revenue records. It can provide a credit of $10,000 to $500,000 in less than five days.
More than 350 enterprises have received finance from the corporation totalling $270 million USD so far. The site has received loan applications from 4,000 company owners.
Serial business owners Bhavik Vasa and Amit Srivastava founded GetVantage. Chiratae Ventures sponsored a seed round in which the business raised $5 million USD in 2020.
The company intends to use the additional funding to improve its technological infrastructure, broaden its portfolio of SaaS and subscription-driven enterprises, and investigate potential prospects in Southeast Asia. By the next year, it hopes to offer loans to more than 1,000 companies.
Following the transaction, Aparajit Bhandarkar, a partner at Varanium Capital, will become a member of GetVantage’s board of directors.
