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B2B Startup Solv Raises $40 Million In Series A Funding Led By SBI Holdings

The funds will be deployed by the Bengaluru-headquartered company for expanding its buy now pay later (BNPL) offering, launching more high-margin products, and geographic expansion

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Solv, a marketplace for small businesses, on Monday said it has raised $40 million (about Rs 310 crore) in funding led by Japan's SBI Holdings.

The funds will be deployed by the Bengaluru-headquartered company for expanding its buy now pay later (BNPL) offering, launching more high-margin products, and geographic expansion.

SBI Holdings' chief executive Yoshitaka Kitao said this is one of the largest investments in the region for the financial services player. 

Solv will become a global technology powerhouse aiding micro, small and medium enterprises (MSMEs), Kitao said, adding that there is an alignment of purpose for his company and Solv. 

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Solv chief executive Amit Bansal said the company served 2.2 lakh MSMEs in a Covid-hit year domestically, and it will be using its learnings in India to create workable models for global markets.

He termed the investment by SBI Holdings as a long-term strategic partnership, which will help Solv establish itself as a dominant player in the B2B market in the next year and a half. 

Solv, which enables MSMEs to trade in different categories, such as grocery and fast-moving consumer goods (FMCG), readymade apparel, electronic and accessories, home furnishings and footwear and accessories, is present in over 200 cities and served over 2.2 lakh MSMEs.  

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The 18-month-old company is targeting to have a gross merchandise volume of $500 million from India in 2022 and has already clocked $260 million in the first half. 

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