Solv raises $40 million in funding round led by SBI Holdings
Solv, a business-to-business (B2B) digital marketplace for Micro, Small, and Medium Enterprises (MSMEs) has raised $40 million (Rs 300 crore) in its latest round of funding led by marquee investor SBI Holdings. The funding round also saw participation from SC Ventures.
The start-up will utilise the funds to launch high-margin product categories and expand its presence to over 300 cities in India.
Commenting on the investment, Yoshitaka Kitao, CEO of SBI Holdings in a statement said, “We are excited to lead Solv’s series A fund raise, one of our largest investments in the region. We are confident that Solv will become a global technology powerhouse and play a defining role in turbo-charging the growth of underserved MSMEs. Its purpose deeply aligns with our philosophy of becoming the leader in creating and cultivating the core industries of the 21st century. Our investment in Solv is a reinforcement of our commitment to developing economies, especially India.”
Commenting on the funding, Amit Bansal, CEO of Solv added, “In a year ravaged by Covid-19, Solv has been able to establish itself as a dependable partner to 220,000+ MSMEs. 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.”
Solv claims to be India’s fastest growing B2B marketplace with over 220,000 MSMEs base and targeting half a billion-dollar Gross Merchandise Value by December 2022.
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