Total amount raised
$47 Millions
Latest funding date
6/1/2022
Location
SOLV has successfully raised ₹3,100,000,000 in a Series A funding round, with investments from SBI Group and SC Ventures.
The platform serves as a B2B e-commerce marketplace for MSMEs, offering a seamless digital experience for commerce and financial services. Keep reading to explore the intricacies of SOLV's fundraising journey and the investors backing this innovative platform.
What Is SOLV?
Founded in January 2019, SOLV is a B2B e-commerce marketplace based in Bangalore, Karnataka, India. The platform is designed to support MSMEs by providing a seamless digital experience for commerce and financial services.
Co-founded by Nitin Mittal, SOLV enables small and medium-sized enterprises to discover, connect, and do business with other verified buyers and sellers. The platform also offers on-demand working capital, term loans, and various business services.
With a workforce of 251-500 employees, SOLV leverages AI and ML technology to power its end-to-end fulfillment infrastructure, ensuring a trusted environment for business transactions.
How Much Funding Has SOLV Raised?
- Venture Round
- Amount Raised: $7.5M
- Date: December 2020
- Lead Investors: SC Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand its digital marketplace and enhance financial services for MSMEs.
- Series A
- Amount Raised: $40M
- Date: June 2022
- Lead Investors: SBI Group, SC Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To leverage strategic partnerships and accelerate growth in India and globally.
Total Amount Raised: $47.5M. Current Valuation: Not publicly disclosed.
Key Investors
- SBI Group
- Details: SBI Group is a Japan-based financial services company. It has a significant presence in the banking, securities, and insurance sectors.
- Investment Focus Areas: Financial services, technology, developing economies.
- Notable Investments: Ripple, R3, WeLab.
- SC Ventures
- Details: SC Ventures is the innovation, fintech investment, and ventures unit of Standard Chartered. It focuses on promoting innovation and investing in disruptive financial technology.
- Investment Focus Areas: Innovation, fintech, ventures.
- Notable Investments: Paxos, Linklogis, Truera.
What's Next for SOLV?
With the recent infusion of $40 million in Series A funding, SOLV is poised to expand its footprint beyond India, leveraging its strategic partnership with SBI Holdings. The platform's goal of achieving a half a billion-dollar GMV run-rate by the end of 2022 underscores the immense growth potential in the B2B e-commerce space.
Future fundraising opportunities seem promising as SOLV continues to scale, potentially attracting more investors to support its ambitious expansion plans. However, the company may face challenges in maintaining its growth momentum and managing the complexities of entering new markets. Ensuring the platform's scalability and robustness will be crucial as SOLV navigates these hurdles.
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