A $40 million series A round of funding was secured by Solv, an Indian B2B platform for MSMEs, and included participation from SC Ventures, the investment arm of Standard Chartered Bank.
The startup’s full-stack e-commerce platform provides tools that let businesses create their online personas.
Over 63 million MSMEs, or small and medium-sized businesses, use the company’s services. These industries include fast-moving consumer products, ready-made clothing, home furnishings, food, footwear, and accessories.
Since over 95% of MSMEs lack organization, Solv’s platform helps small businesses create a credible online presence.
The business, which was established in 2019 and began operations more than 18 months ago, claims to have generated a gross merchandise value run rate of US $260 million in the first half of 2022, with 60 percent of customers making additional purchases. SC Ventures also served as the company’s incubator in its early years.
With the additional funding, Solv plans to grow internationally to over 300 locations across Southeast Asia, India, and Africa. The company will also expand its technologies and introduce new, high-margin product categories.
The B2B e-commerce sector is expected to reach approximately US $19 trillion by 2028, growing at a compound annual growth rate of 18.3 percent.
