Indian revenue-based financing firm bags $36m from Chiratae, others

GetVantage, a revenue-based financing platform, has raised US$36 million in a new funding round led by Varanium Nexgen Fintech Fund, DMI Sparkle Fund, Chiratae Ventures, and Dream Incubator Japan.

The deal, which the India-based company said is one of the largest growth rounds in the country, pushed GetVantage’s total funding raised to date to more than US$40 million. It also included several debt lines from non-bank financial companies to scale the startup’s loan disbursement offerings.

GetVantage co-founders Amit Srivastava (left) and Bhavik Vasa / Photo credit: GetVantage

Founded in 2020, GetVantage provides equity-free loans to SMEs based on their historical revenue figures. It can offer US$10,000 to US$500,000 worth of financing in less than five days.

To date, the company has given out US$270 million in funding to more than 350 businesses. There have been 4,000 business owners that have applied for loans through the platform.

GetVantage was established by serial entrepreneurs Bhavik Vasa and Amit Srivastava. In 2020, the company raised US$5 million in a seed round led by Chiratae Ventures.

The firm plans to use the new capital to enhance its tech infrastructure, expand its portfolio of SaaS and subscription-driven businesses, and explore opportunities in Southeast Asia. It aims to provide loans to more than 1,000 businesses by next year.

Aparajit Bhandarkar, partner at Varanium Capital, will join GetVantage’s board of directors following the deal.

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Other investors in this round include:

• Sony Innovation Fund
• InCred Capital
• Haldiram’s family office