solv: Homegrown B2B marketplace Solv raises USD40 million to empower MSMEs 

B2B digital marketplace for small businesses Solv on Monday said it has raised USD40 million in its latest round of funding led by Japans SBI Holdings with participation from SC Ventures.

The round took Solv's total funding to nearly USD80 million to date.

Solv said it has become India's fastest growing B2B marketplace, with more than 220,000 KYC-verified MSMEs base and a 10 times growth of gross merchandise value (GMV) with 60% repeats.

"This strategic partnership and investment will give us significant tailwinds and help us become a dominant B2B player over the next 12-18 months," said Amit Bansal, CEO, Solv.

Solv said it will use the funds to launch additional high-margin product categories and expand to more than 300 cities in India, and drive expansion of BNPL (buy now pay later) loans, particularly in the NTC (new-to-credit) segment.

Solv is building a global tech-stack from India to help expand operations in multiple countries in Africa and Southeast Asia.

"Our investment in Solv is a reinforcement of our commitment to developing economies, especially India," said Yoshitaka Kitao, CEO, SBI Holdings.

Solv clocked USD260 million GMV run-rate in the first half of 2022 with about 60 per cent average repeated purchases.

It now targets half a billion-dollar GMV run-rate and positive unit economics by December 2022 from the India market alone.

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