Raising funds is as exciting as it is challenging for any entrepreneur. Looking for investors, loans, compliances, and the right form of funds – the process can be overwhelming but if successful, it can help brands take their business to newer heights of success.
Founded in 2020, GetVantage is helping new-age startups solve their funding and scaling woes. In a fireside chat at YourStory’s Brand Residency 2022 in New Delhi, Bhavik Vasa, Founder, GetVantage gets candid about his entrepreneurial journey, how the funding landscape has evolved, what makes a successful brand and more.
Consistency is the key
Bhavik’s entrepreneurial journey started in the Silicon Valley at a point when fintechs and startups weren’t buzzwords in the market. “My story goes back to the year 2005, when we were making mobile payments, digital lending apps for Blackberrys of that time,” he recalls.
Fast forward to 2010, Bhavik came back to India to start a company called Itzcash but the year that changed everything for Bhavik was 2016 when demonetisation was announced and digital payments became mainstream.
“All of us are passionate about the product and services we are building but often it takes time for the idea to hit the upside curve. Personally, it took a decade for me to reach there and my advice to new-age entrepreneurs is to be at it and continue believing in your dream,” says Bhavik.
Evolution of funding landscape
The funding landscape has evolved and reached a point where access to capital is not as difficult as it used to be. In early 2010, there were hardly any angel investors and only a handful of VC funds. Even during those times, Bhavik managed to secure funding of Rs 30 to 40 million for Itzcash. He has had his share of struggles dealing with angels, VCs, and debt investors and it is only through this experience, he understood the challenges of founders dealing with funding issues.
“I realised if the future of India is going to emerge with small and promising businesses, we are going to need different forms of capital and that is what gave birth to the idea of GetVantage,” adds Bhavik.
Business model
GetVantage essentially makes it convenient for brands to access capital without giving away equity. Startups can leverage GetVantage’s services by simply submitting digitally available data to its platform and based on the performance metrics, the team would reach out to you within 48 hours. Since its inception, GetVantage has received more than 7,000 applications on its platform and has helped fund more than 350 startups across 18 categories.
4Cs of success
Sharing his perspective on what it takes for brands to be successful, Bhavik states, “At GetVantage we swear by this playbook of 4 Cs of success which is Content, Community, Collaboration and Capital.”
Getting the content right implies ensuring the right kind of brand positioning and ensuring the customers know the ‘why’ behind your organisation.
Building a community of loyal customers can further help your brand through word-of-mouth marketing.
Collaborating with other brands can help startups scale easily. For example, a coffee brand and a skincare brand with the same set of target-audiences can collaborate and help each other.
Irrespective of the size of your capital requirement, having a partner that can support you with quick funding needs is necessary for all businesses.
Post-pandemic trends
Looking at the last decade, commerce went e-commerce, and payments became digital payments but what has changed in the last two years is that even a traditional small business has built a digital identity and is operating an online store.
What stands out for Bhavik is women entrepreneurs venturing and making it big in the business space. Nearly 40 percent of GetVantage’s portfolio brands are of women founders which is an inspiring trend.
“From women entrepreneurs to couples starting up from their home kitchen, the post-pandemic acceleration in the business ecosystem is remarkable. We have built an all-around growth platform at GetVantage to help and support these small businesses not just with capital but also with other scaling needs,” concludes Bhavik.
