Solv will use the funds to launch additional high-margin product categories and expand to more than 300 cities across the country, as well as to expand its buy-now-pay-later loans, especially in the new loan segment. the company said in a statement on Monday.
The firm also plans to expand its core retailer funding to another 50,000 retailers and is building a global tech stack from India to help expand operations in several African and Southeast Asian countries.
Solv helps small and medium businesses trade food and fast moving goods (FMCG), ready-to-wear, electronics and accessories, home furnishings, footwear and accessories. It currently operates in over 200 cities in India serving over 19,000 pin codes.
Yoshitaka Kitao, CEO,
Holdings, said it was one of the firm’s largest investments in the region. “We are confident that Solv will become a global technology powerhouse and play a critical role in accelerating the growth of underserved MSMEs. Our investment in Solv reinforces our commitment to emerging economies, especially India.”
Solv CEO Amit Bansal said: “At Solv, we are committed to improving the lives of millions of low-income MSMEs in India and around the world. In a year devastated by Covid-19, Solv has been able to establish itself as a dependent partner for over 220,000 MSMEs. The experience in India and the subsequent development of the product, technology and platform also allow us to create workable models for MSMEs in other regions of the world.”
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Alex Manson, head of SC Ventures, said: “The team’s obsession with the client and execution discipline 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 Solv’s growth in India and expand our global footprint.”