With this license, the company aims to provide more flexible and accessible funding without equity dilution to thousands of emerging SMEs
Mumbai-based Indian fintech platform GetVantage has secured a Non-Banking Financial Company (NBFC) license from the Reserve Bank of India (RBI). GetGrowth Capital, the NBFC arm of GetVantage will run its lending operations.
With this license, the company aims to provide more flexible and accessible funding without equity dilution to thousands of emerging SMEs (short and medium enterprises) across sectors including B2B SaaS, Cleantech, D2C, EV and infrastructure, e-commerce, QSR, and many more. It has eyed to hit annual disbursements of over Rs 500 crore in short-term working capital finance and help more than 1,000 emerging SMEs. across India with funding in the next 18 months. According to a statement, it facilitated funding for more than 500+ new economy businesses in the last 18 months.
GetVantage is backed by investors including Chiratae Ventures, Varanium, InCred, DMI, and Japanese Investors like Sony and DI. It aims capitalising the NBFC with Rs 50 crore and aims to raise Rs 200 crore in total to scale up its lending operations.
"We are excited to have secured an NBFC license from the RBI, which reinforces our commitment to providing innovative and accessible financing solutions to the emerging SME sector in India," said Bhavik Vasa, Founder & CEO of GetVantage.
"We are grateful to lead by example and push for greater compliance with regulations in this space for all players. Being unlicensed is not an option. This milestone will enable us to accelerate our growth trajectory, expand our reach and offer more value to our customers,” he added.