Financial technology start-up, GetVantage secures USD 5 Million in its seed round which was led by Chiratae Ventures along with Dream Incubator- a Japanese business development and consulting company and other financial companies that are not banks.
The fund raised is a mix of debt-line and equity which can be used for funding purposes by the fintech start-up.
GetVantage was established in 2019 by Bhavik Vasa and it intends to provide RBF which stands for Revenue-Based-Financing. This type of financing is basically a loan which is paid back with a percentage amount of the borrower’s revenue. The company provides RBF services to entrepreneurs for online and e-commerce business in India and parts of South-East Asia as well.
Revenue Based Financing allows entrepreneurs and their businesses to raise new capital fund from GetVantage with strategic partner choices that ensure the safety of their shares.
In a recent statement, the company mentioned that they usually generate a growth capital between USD 25,000 to USD 2, 50, 000 through their RBF sustained platform. GetVantage has an impressive portfolio for a company that is less than a year old with its major brand target being across direct-to-consumer businesses, e-commerce platforms etc. The main target market for the company relies on Business-To-Business software-as-a-service operations, education technology start-ups and subscription-based services.
In talks with GetVatage CEO, he mentions that in the span of next two years, the company aims to expand its operations into markets across South-East Asian countries, beginning with Singapore being its next target market.
Economics of India has been greatly impacted by so many factors, especially the COVID-19 pandemic. Even before that, there was a digital shift in order within major business industries and the country as a whole which has been significantly boosted by the pandemic. Businesses and companies want to take advantage of this digital shift and wish to grab every possible economic opportunity that comes along with it. GetVantage is the solution and we are here to assist, says CEO Bhavik Vasa.
Furthermore, on the story, Vasa mentioned that during these past few months of lockdown, more and more companies wanted to build a digital presence which resulted in an overall 70% hike in business for GetVantage.
However, Bhavik Vasa has not been alone in this business errand; he started the GetVantage along with Amit Srivastava, technical operations at the company, former employee of SBC Fintech and Sachin Tagra who previously headed the Brand Capital business.
GetVantage is all set to compete with Jenfi as it plans to expand operations in Singapore.