GetVantage, a revenue-based financing (RBF) fintech, has raised $36 million in a round led by Varanium Nexgen Fintech Fund, DMI Sparkle Fund and existing investors Chiratae Ventures and Dream Incubator Japan.
Other investors like Sony Innovation Fund, InCred Capital and Haldiram’s Family Office participated in the round, too.
The company plans to use the capital to accelerate its growth, explore newer markets and opportunities across Southeast Asia, it said in a statement.
Including the latest fundraise, which happened in a round between its seed and Series A, the firm has secured $40 million in total so far. The company said it has also received capital through multiple debt lines from several non-banking financial companies (NBFCs).
Using a tech-first approach, GetVantage’s RBF platform helps founders to apply for “a bespoke funding offer” and get funded in less than five days, the company claimed.
“From day one, GetVantage’s mission has been to reshape the landscape of small business finance so that entrepreneurs have more access, choice, and control,” said Bhavik Vasa, founder and CEO, GetVantage.
The Mumbai-based company was launched in 2020 by Bhavik Vasa and Amit Srivastava and claims to have already funded over $270 million in gross merchandise value (GMV) for over 350 brands across 18 categories ranging from subscription businesses, e-commerce, edtech, healthtech, cloud kitchens and nutrition, among others.
Speaking on the fundraising, Aparajit Bhandarkar, partner, Varanium Nexgen Fund said, “By using data to unlock capital access for small and medium enterprises (SMEs), GetVantage is pioneering a new approach to empower thousands of e-commerce entrepreneurs to grow their businesses on their terms.”