Solv raises $40M to deepen operations in India, expand globally

Simgapore-based Solv, a B2B digital marketplace for micro, small and medium enterprises (MSMEs), has raised $40 million in Series A funding led by Japanese investor SBI Holdings. SC Ventures, Standard Chartered Bank’s innovation, fintech investment and ventures arm, also participated.

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.

It also has plans to launch additional high-margin product categories continuing to invest in its technology — expanding the capabilities of its credit platform, supply chain finance platform, proprietary alternate credit score and the Buy Now Pay Later proposition.

Jiten Arora, Head, Solv Investment Management, commented: “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.”

Solv enables MSMEs to leverage the power of a full-stack e-commerce platform and 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 claims to have clocked $260 million+ gross merchandise value run rate in H1 2022, and 60 per cent average repeated purchases.

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, “Solv’s 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.”