Solv, India’s trusted B2B digital marketplace for MSMEs has raised US$40 million (INR 300 crore+) in its latest round of funding led by marquee investor, SBI Holdings (headquartered in Japan), with participation from SC Ventures, which has been an incubator and early-stage investor of Solv. This round of fund-raise takes Solv’s total funding to nearly US$80 million.
Commenting on the investment, Yoshitaka Kitao, CEO, SBI Holdings, 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. Their 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 leading Solv’s growth to the next stage, Amit Bansal, CEO, Solv “At Solv, we are passionate about improving livelihoods of millions of underserved MSMEs in India and globally. In a year ravaged by Covid-19, Solv has been able to establish itself as a dependable partner to 220,000+ MSMEs. The learnings in India, and the resultant development in product, technology and platform is also enabling us to create workable models for MSMEs in other geographies across the world. 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.”
Supporting Solv’s funding, Alex Manson, Head, SC Ventures, said “The team’s obsession for the customer and their discipline of execution is impressive. Solv’s rapid growth since launch demonstrates the huge market potential in the B2B space. The partnership with SBI Holdings will help us accelerate growth of Solv in India and expand its footprint globally.”