Fintech platform GetVantage Tech Pvt Ltd on Tuesday said it has raised $5 million (Rs 36.8 crore) in a seed round which was a mix of equity and debt funding.
The funds were raised from venture capital firm Chiratae Ventures and Japan-based Dream Incubator, said GetVantage in a statement. Non-banking financial companies (NBFCs) and debt funds also contributed to the funding round, it added without identifying them.
GetVantage was founded last year by Bhavik Vasa, who was a chief growth officer of financial services firm EbixCash; Amit Srivastava, formerly with Startupbootcamp FinTech; and Sachin Tagra, formerly with Brand Capital.
The Mumbai-based company is a revenue-based financing platform that provides growth capital to digital brands without founders having to dilute equity.
GetVantage says it offers loans in the range of Rs 20 lakh and Rs 2 crore at no interest and no hidden fees while charging one flat fee that is recovered as small, flexible shares of future revenues.
Venkatesh Peddi, partner at Chiratae Ventures, said that there is a huge unmet financing opportunity as India’s digital economy takes centrestage. He added that the GetVantage team has built a deep-tech platform that is empowering e-commerce businesses with better financing options.
Prior to this, GetVantage had raised funding from a clutch of investors including Venture Catalysts and Samyakth Capital, as reported by VCCircle in January 2020.
Investors
Chiratae Ventures, formerly known as IDG Ventures India, makes investments across a company’s seed-, early-, and expansion-growth stages. Funds operated by it have over $700 million under management.
It is currently in the process of raising its fourth fund. Last month, CDC Group Plc, the UK-based development finance institution, committed $10 million to this new vehicle. Last year, the World Bank’s International Finance Corporation (IFC) planned to commit $20 million (around Rs 144 crore) in Chiratae Ventures' new fund.
Some of its recent investments include bionics company Aether Biomedical; infection prevention and control startup WeInnovate Biosolutions; and sales accelerator SquadStack.
Dream Incubator is an active investor in India and has backed more than 20 startups across sectors such as healthcare, finance, media and entertainment, and mobility. Its India portfolio includes e-pharmacy startup Myra and breast cancer screening startup Niramai Health.
