Standard Chartered VC arm backs Indian MSME marketplace’s $40m series A

Solv, an India-based B2B marketplace for MSMEs, has raised US$40 million in a series A round led by SBI Holdings, with participation from Standard Chartered Bank’s investment arm SC Ventures.

Solv CEO Amit Bansal / Photo credit: Solv

The startup’s full-stack ecommerce platform offers tools that enable companies to build digital identities.

The firm’s users – over 63 million MSMEs – come from an array of industries, including fast-moving consumer goods, ready-made apparel, home furnishing, grocery, footwear, and accessories.

Solv says that over 95% of MSMEs are unorganized, and its platform enables these companies to establish a professional digital presence.

Founded in 2019 and launched over 18 months ago, the company claims it has achieved a US$260 million gross merchandise value run rate in the first half of 2022, with 60% of clients repeating their purchases. In the company’s early stages, it was also incubated by SC Ventures.

Solv will be using the fresh funds to expand globally to over 300 cities across Southeast Asia, India, and Africa. The firm will also launch new high-margin product categories and further develop its technology.

The new capital comes as the B2B ecommerce industry is set to grow to almost US$19 trillion by 2028 at a compound annual growth rate of 18.3%.

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