Solv, a marketplace for small businesses, on Monday said it has raised USD 40 million (about Rs 310 crore) in funding led by Japan’s SBI Holdings.
The funds will be deployed by the Bengaluru-headquartered company for expanding its buy now pay later (BNPL) offering, launching more high-margin products and geographic expansion. SBI Holdings’ chief executive Yoshitaka Kitao said this is one of the largest investments in the region for the financial services player. Solv will become a global technology powerhouse aiding micro, small and medium enterprises (MSMEs), Kitao said, adding that there is an alignment of purpose for his company and Solv.
Solv chief executive Amit Bansal said the company served 2.2 lakh MSMEs in a Covid-hit year domestically, and it will be using its learnings in India to create workable models for global markets. He termed the investment by SBI Holdings as a long-term strategic partnership, which will help Solv establish itself as a dominant player in the B2B market in the next year and a half.
Solv, which enables MSMEs to trade in different categories, such as grocery and fast-moving consumer goods (FMCG), readymade apparel, electronic and accessories, home furnishings and footwear and accessories, is present in over 200 cities and served over 2.2 lakh MSMEs. The 18-month-old company is targeting to have a gross merchandise volume of USD 500 million from India in 2022 and has already clocked USD 260 million in the first half.
