Bengaluru: B2B digital marketplace for small businesses Solv on Monday said it has raised $40 million in its latest round of funding led by Japans SBI Holdings with participation from SC Ventures.<\/p>\n\n\n\n
The round took Solv’s total funding to nearly $80 million to date.<\/p>\n\n\n\n
Solv said it has become India’s fastest growing B2B marketplace, with more than 220,000 KYC-verified MSMEs base and a 10 times growth of gross merchandise value (GMV) with 60 per cent repeats.<\/p>\n\n\n\n
“This strategic partnership and investment will give us significant tailwinds and help us become a dominant B2B player over the next 12-18 months,” said Amit Bansal, CEO, Solv.<\/p>\n\n\n\n
Solv said it will use the funds to launch additional high-margin product categories and expand to more than 300 cities in India, and drive expansion of BNPL (buy now pay later) loans, particularly in the NTC (new-to-credit) segment.<\/p>\n\n\n\n
Solv is building a global tech-stack from India to help expand operations in multiple countries in Africa and Southeast Asia.<\/p>\n\n\n\n
“Our investment in Solv is a reinforcement of our commitment to developing economies, especially India,” said Yoshitaka Kitao, CEO, SBI Holdings.<\/p>\n\n\n\n
Solv clocked $260 million GMV run-rate in the first half of 2022 with about 60 per cent average repeated purchases.<\/p>\n\n\n\n
It now targets half a billion-dollar GMV run-rate and positive unit economics by December 2022 from the India market alone.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bengaluru: B2B digital marketplace for small businesses Solv on Monday said it has raised $40 million in its latest round of funding led by Japans SBI Holdings with participation from SC Ventures. The round took Solv’s total funding to nearly $80 million to date. Solv said it has become India’s fastest growing B2B marketplace, with […]<\/p>\n","protected":false},"author":1,"featured_media":276543,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[667],"tags":[],"class_list":["post-276539","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"_links":{"self":[{"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/posts\/276539","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/comments?post=276539"}],"version-history":[{"count":0,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/posts\/276539\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/media\/276543"}],"wp:attachment":[{"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/media?parent=276539"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/categories?post=276539"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/tags?post=276539"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}