Solv, which operates an online B2B marketplace focusing on small- to medium-sized businesses (SMBs) in India, has raised $40 million in a Series A funding round, according to a Monday (June 27) press release.
Solv will use the capital to expand into more than 300 cities in India and grow its buy now, pay later (BNPL) service, focusing especially on shoppers with undeveloped credit histories, the release stated. It also plans to expand its anchor-led retailer finance to over 50,000 additional retailers.
“Solv enables [SMBs] to trade in categories such as grocery and fast-moving consumer goods (FMCG), readymade apparels, electronic and accessories, home furnishings and footwear and accessories…” according to the release.
The funding round was led by Japan’s SB1 Holdings and included existing investor SC Ventures, the release stated.
“In a year ravaged by COVID-19, Solv has been able to establish itself as a dependable partner to 220,000+ [microbusinesses and SMBs],” said Solv CEO Amit Bansal in the release. “The learnings in India, and the resultant development in product, technology and platform is also enabling us to create workable models for [SMBs] in other geographies across the world. … [This] investment will give us significant tailwinds and help us become a dominant B2B player over the next 12-18 months.”
In March, Solv announced it was expanding into Kenya.
Read more: B2B Marketplace Solv Expanding to Kenya
In February, PYMNTS reported that Solv had entered into an agreement with Red Bull to help the purveyor of energy drinks expand into the country.
The partnership was reported to give retailers, kiranas, restaurants and other small businesses on Solv’s platform one-click access to Red Bull’s drinks products at competitive prices along with assured delivery and flexible payment terms, without disrupting Red Bull’s existing traditional distribution channels.