- The NBFC arm, GetGrowth Capital aims to raise INR 200 crore in debt to scale-up its financing operations.
- On track to help fund over 1,000+ emerging SMEs across sectors including Cleantech, D2C, EV & infrastructure, eCommerce, SaaS, and many more.
- Becomes only alternative funding fintech in India to secure NBFC license.
GetVantage, India’s premier alternative financing fintech platform, has announced that it has secured a Non-Banking Financial Company (NBFC) license from the Reserve Bank of India (RBI), becoming the first and only revenue-based financing and alternative funding platform in the country to do so. GetGrowth Capital, the NBFC arm of GetVantage will run the lending operations.
GetVantage, which is backed by investors including Chiratae Ventures, Varanium, InCred, DMI, and Japanese Investors like Sony and DI, will capitalize the NBFC with INR 50 crore and aims to raise INR 200 crore in total to scale up its lending operations. The company is on track to hit annual disbursements of over INR 500 crore in short-term working capital finance and help over 1,000+ emerging SMEs across India with funding in the next 18 months.
According to industry estimates, the working capital opportunity for SMEs in India is estimated to be over USD 300 billion. With this license, GetVantage strengthens its position as the premier alternative financing platform in India, providing more flexible and accessible funding without equity-dilution for thousands of emerging SMEs across sectors including B2B SaaS, Cleantech, D2C, EV & infrastructure, eCommerce, QSR, and many more.
“We are excited to have secured an NBFC license from the RBI, which reinforces our commitment to providing innovative and accessible financing solutions to the emerging SME sector in India,” said Bhavik Vasa, Founder & CEO of GetVantage. “We are grateful to lead by example and push for greater compliance with regulations in this space for all players. Being unlicensed is not an option. This milestone will enable us to accelerate our growth trajectory, expand our reach and offer more value to our customers.”
Over the last 18 months, GetVantage has facilitated funding for over 500+ new economy businesses and continues to lead the non-dilutive funding space.
GetVantage joins a small group of fintech companies in India to have secured an NBFC license. The NBFC will further boost the three year old fintech’s revenue pipe and enable co-investment alongside other financial institutions including banks, NBFCs, and debt funds. In addition, it will be able to directly serve customers instead of acting only as a loan service provider (LSP).