27 June 2022, Singapore – Solv, a trusted B2B digital marketplace for Micro, Small and Medium Enterprises (MSMEs), raised US$40 million in Series A funding led by marquee investor, SBI Holdings, with participation from SC Ventures, Standard Chartered Bank’s innovation, fintech investment and ventures arm. SC Ventures has played a leading role in building and incubating the Solv franchise.
Solv enables MSMEs, of which 95%+ are in the unorganized segment and mostly without a digital identity, to leverage the power of a full-stack e-commerce platform, and to trade in categories such as grocery, fast-moving consumer goods (FMCG), readymade apparels, electronic and accessories, home furnishings and footwear and accessories. Since its commercial launch in India 18+ months ago, Solv has gained a strong reputation among MSMEs users as a ‘trusted platform for trade’, clocking US$260 million+ Gross Merchandise Value run rate in the first half of 2022, and 60% average repeated purchases.
This investment round will propel the company’s global expansion plans, building on the success of Solv’s strong performance in India. Solv has set its sight on further global expansion to 300+ cities in India, Africa, and Southeast Asia. The proceeds from the funding will launch additional high-margin product categories, while Solv will continue to invest in its technology – expanding the capabilities of its credit platform, supply chain finance platform, proprietary alternate credit score (Solv Score) and the Buy Now Pay Later (BNPL) proposition.
The SBI Group is a major Japanese financial conglomerate providing financial services in a broad range of fields including securities, banking and insurance. In addition to the financial service business, the Group also has an asset management business, focused primarily on investment in venture companies.
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.”
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.”
Jiten Arora, Head, Solv Investment Management reinforced the importance of the SBI partnership, “We set up Solv to make access to commerce and financing a reality for small businesses and in less than two years, Solv has built a strong reputation as a trusted growth partner to MSMEs. In collaboration with SBI Holdings, we look forward to improving our offering for MSMEs across multiple countries.”
For media enquiries, please contact Brenda Ching at brenda.ching@sc.com
SBI Holdings, Inc
SBI Holdings is a major Japanese financial conglomerate including Asset Management, Financial Services and Biotechnology-related businesses. The SBI Group was established in 1999 as a pioneer of Internet-based financial services in Japan and today has presence in 23 countries and regions and is listed on Tokyo Stock Exchange.
Solv
Solv is a B2B e-commerce platform- a pureplay marketplace that offers India’s MSME sector an open and inclusive trade ecosystem across the entire value chain. The platform facilitates connections and negotiations with verified sellers and buyers, door-step pick-up and delivery of goods, timely and easy access to finance as well as simplified business support functions. These are critical elements that help expand market access, bring operational efficiencies, and shape success for 63 MN+ MSMEs across the country.
For more information, please visit https://www.solvezy.com/
SC Ventures
SC Ventures is a business unit that provides a platform and catalyst for Standard Chartered to promote innovation, invest in disruptive financial technology and explore alternative business models.
For more information, please visit www.scventures.io and follow SC Ventures on LinkedIn.
