In an investment round headed by Varanium Nexgen Fintech Fund and DMI Sparkle Fund, GetVantage has acquired $36 million. Along with Sony Innovation Fund, InCred Capital, and Haldiram’s Family Office, other existing investors including Chiratae Ventures and Dream Incubator Japan also participated in the round.
With the most recent round, GetVantage’s total fundraising to date has reached $41 million, including $5 million in seed money for 2020.
The start-performance-based up’s financing solution will grow thanks to the fresh funding, the business claims. It will also improve technology, explore new market prospects across Southeast Asia, and hire new people.
Bhavik Vasa and Amit Srivastava created the Mumbai-based start-up in 2020 with the goal of giving entrepreneurs access to equity-free finance in the range between $10,000 and $500,000 (about Rs. 5 lakh to Rs. 5 crores) as an alternative to conventional funding sources.
Through its platform, about 4,000 enterprises have asked for non-dilutive financing, and the start-up anticipates 300 per cent year-over-year growth in 2021.
Over 350 borrowers, including Jade Forest, Naagin, Nua Wellness, Rage Coffee, and Sid Farms, received financing totalling over $270 million (Rs 2,200 crore) in gross merchandise volume (GMV) from the fintech company.