New Delhi, Oct 27 (PTI) Mumbai-based fintech platform GetVantage on Tuesday said it has raised USD 5 million (about Rs 36.8 crore) in funding.
The capital raised is a mixture of equity and debt-line and will see the company being backed by Chiratae Ventures (formerly IDG Ventures) along with Dream Incubators (Japan) and other marquee NBFCs and debt funds, a statement said.
In the next two years, the company plans to expand into new markets across Southeast Asia, starting with Singapore.
GetVantage's fintech platform leverages an assortment of sales, marketing, and accounting data to offer between Rs 20 lakh-Rs 2 crore of non-dilutive growth capital for businesses based on current and projected (future) revenue.
'We created GetVantage with the simple mission to re-imagine venture finance for India's online brands and startups that are clamouring for a smarter, fair, and frictionless funding alternative,' GetVantage Founder Bhavik Vasa said.
As consumers have shifted online, more companies are looking at how they can take advantage of this digital-shift and the vast economic opportunities that come with it, Vasa added.
'...GetVantage is designed to help hundreds of small business owners with immediate and fair access to the capital they need to harness these new growth opportunities,' Vasa said.
GetVantage's portfolio includes brands across e-commerce and direct-to-consumer (DTC) categories, including edu-tech, B2B SaaS and subscription-based services, personal care, home care, health foods, and fashion.
Unlike traditional funding sources, GetVantage doesn't require business owners to give up equity or control via board seats, or warrants.
'We're fast seeing RBF (Revenue-Based Financing) becoming a preferred funding method for founders and startups looking to drive growth as it sits at the sweet spot between equity financing and debt, without any of the downsides. Our data-driven approach is based on performance. We connect to a customer's existing sales and marketing platforms, like Shopify, Stripe, Google, and Facebook,' Vasa said.
GetVantage had previously raised a pre-seed round from early-stage investors, including Samyakth Capital, Venture Catalysts, Astir Ventures and angels like Jana Balan, Vaibhav Karnavat (Glance Finance), Karun Arya, (Oriente, ex-Uber), Vivek Awasthi (CurrenciesDirect), Soham Avlani (9Unicorns), CA Anuj Golecha and others. PTI SR BAL BAL BAL