B2B Digital Marketplace Solv Raises $40M In Fresh Funding
B2B startup Solv has raised $40 million (over Rs 300 crore) in its latest round of funding led by marquee investor SBI Holdings.
The funding round also saw participation from SC Ventures, an incubator and early-stage investor of Solv.
As per the startup, the raised funds will be used to launch additional high-margin product categories and expand to 300+ cities in India. Additionally, the funding will also drive the expansion of BNPL (Buy Now Pay Later) loans, particularly in the NTC (New-To-Credit) segment.
Solv | B2B E-commerce Marketplace For MSMEs
Solv is a B2B e-commerce marketplace for Micro, Small, and Medium Enterprises (MSMEs). The B2B marketplace helps retailers and other businesses source high-quality products at the best price from suppliers across India.
Speaking about the development, Amit Bansal, CEO of Solv, said,
“At this critical juncture of Solv’s journey, we are humbled to welcome on board SBI Holdings as a long-term partner. This strategic partnership and investment will give us significant tailwinds and help us become a dominant B2B player over the next 12-18 months.”
As per the startup, it has become India’s fastest-growing B2B marketplace within 18+ months of launch, with a 220,000+ Know Your Customer (KYC)-verified MSMEs base and over 10x growth in Gross Merchandise Value (GMV) with ~60 percent repeats.
The B2B digital marketplace is targetting half a billion-dollar GMV run-rate and positive unit economics by December 2022 from the India market alone.
Commenting on the development, Alex Manson, Head, SC Ventures, said,
“The team’s obsession for the customer and their discipline of execution is impressive. Solv’s rapid growth since launch demonstrates the huge market potential in the B2B space. The partnership with SBI Holdings will help us accelerate growth of Solv in India and expand its footprint globally.”