Indian B2B e-commerce platform Solv raises $40m Series A
Indian B2B e-commerce platform Solv has raised $40 million in a Series A funding round.
The round, led by SBI Holdings, saw participation from SC Ventures, Standard Chartered Bank’s innovation, fintech investment and ventures arm.
Solv says the new funding will support its plans for global expansion through more than 300 cities across Africa and Southeast Asia, building on its “strong performance” in India.
Funding will also go towards launching additional high-margin product categories alongside its existing offerings including groceries, electronics and apparel.
Solv says it will also continue to invest in its technology, expanding the capabilities of its credit platform, supply chain finance platform, proprietary alternate credit score (Solv Score) and its buy now, pay later (BNPL) proposition.
The fintech enables India’s micro, small and medium enterprises (MSMEs) – many of which are without a digital identity – to utilise a full-stack e-commerce platform and trade online.
The platform connects verified sellers and buyers, facilitates door-step pick-up and delivery of goods, provides timely and easy access to finance as well as simplified business support functions.
Since launching in India just over 18 months ago, Solv claims to have clocked up more than $260 million worth of gross merchandise value (GMV) run rate in the first half of this year.