Revenue-based financing fintech GetVantage has secured $36 million in a funding round led by Varanium Nexgen Fintech Fund, DMI Sparkle Fund. Existing investors like Chiratae Ventures and Dream Incubator Japan also took part in the round along with Sony Innovation Fund, InCred Capital, and Haldiram’s Family Office.
The latest round has brought GetVantage’s total funding capital till date to $41 million which includes $5 million seed funding in 2020.
According to the company’s statement, the new investment will enhance the growth of the start-up’s performance-based financing solution, enhancing technology and exploring new-market opportunities across Southeast Asia along with hiring new talent.
The Mumbai-based start-up was founded in 2020 by Bhavik Vasa and Amit Srivastava with the aim to provide entrepreneurs an access to equity free capital between $10,000 and $500,000 (Rs5 lakh to Rs5 crore) as an alternative to traditional funding sources.
Nearly 4,000 businesses have applied for non-dilutive financing through its platform with the start-up registering a 300% year-on-year (YoY) growth in 2021.
The fintech company has financed over $270 million (Rs 2,200 crore) in Gross Merchandising Volume (GMV) for over 350 borrowers including Jade Forest, Naagin, Nua Wellness, Rage Coffee, and Sid Farms.