B2B digital market for small companies Solv on Monday stated it has raised $40 million in its newest spherical of funding led by Japans SBI Holdings with participation from SC Ventures.
The spherical took Solv’s complete funding to just about $80 million up to now.
Solv stated it has develop into India‘s quickest rising B2B market, with greater than 220,000 KYC-verified MSMEs base and a ten instances development of gross merchandise worth (GMV) with 60% repeats.
“This strategic partnership and funding will give us vital tailwinds and assist us develop into a dominant B2B participant over the following 12-18 months,” stated Amit Bansal, CEO, Solv.
Solv stated it should use the funds to launch further high-margin product classes and increase to greater than 300 cities in India, and drive growth of BNPL (purchase now pay later) loans, notably within the NTC (new-to-credit) phase.
“Our funding in Solv is a reinforcement of our dedication to growing economies, particularly India,” stated Yoshitaka Kitao, CEO, SBI Holdings.
Solv clocked $260 million GMV run-rate within the first half of 2022 with about 60 per cent common repeated purchases.
It now targets half a billion-dollar GMV run-rate and optimistic unit economics by December 2022 from the India market alone.