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Mumbai-headquartered revenue-based financing platform for digital-first businesses, GetVantage, has raised $36 million in a growth round led by Varanium Nexgen Fintech Fund and DMI Sparkle Fund. The round was co-led by returning investors Chiratae Ventures and Dream Incubator Japan, doubling down on the investments. 

The round also saw participation from new investors Sony Innovation Fund, InCred Capital, and Haldiram’s Family Office, among others. 

Aparajit Bhandarkar, Partner at Varanium Capital, will be joining GetVantage’s board of directors. With the current round, GetVantage has raised a total of $40 million to date, including debt lines with NBFC partners. It had last raised $5 million in October 2020 in a mix of equity and debt, led by Chiratae Ventures and Dream Incubator Japan.

The company will utilise the capital to grow its performance-based financing solution and embedded finance product, enhance technology infrastructure, scale its product suite and expand growing portfolio of business-to-business SaaS and subscription-driven businesses, the company said in a statement. It will also explore new markets across Southeast Asia.

“We’re thrilled to welcome Varanium NexGen Fund, DMI Sparkle Fund, Sony Innovation Fund, InCred Capital, and Haldiram’s Family Office to our growing team of phenomenal investors and advisors to further our mission to help India’s new economy and brands unlock revenue potential on their terms,” said Bhavik Vasa, Founder and CEO of GetVantage in the statement. 

He added, “We’re seeing thousands of new businesses and homegrown brands eager to scale up, and we are excited to work with incredible investors and funding partners like DMI Finance and InCred to provide founder-friendly capital to supercharge growth for over 1,000-plus businesses in the next year.”

Founded in 2019 by Bhavik and Amit Srivastava, GetVantage claims to have funded over $270 million in Gross Merchandise Value (GMV) for over 350 brands across 18 categories, including B2B SaaS and subscription, Direct-to-Commerce, ecommerce, edtech, healthtech, cloud kitchens, and nutrition. Its portfolio brands include Arata, Rage Coffee, Naagin, BoldCare, SidFarms, Zymrat, and others. 

“By using data to unlock capital access for SMEs, GetVantage is pioneering a new approach to empower thousands of ecommerce entrepreneurs to grow their businesses on their terms,” said Aparajit Bhandarkar, Partner at Varanium Nexgen Fund in the statement.

GetVantage also has a network of over 50 platform partnerships offering access to ecommerce enablement solutions such as marketing, sales, logistics, payment gateways, and others. It competes with the likes of Klub, Velocity and N+1 Capital.