Solv, the Indian B2B digital marketplace for MSMEs, has raised US $ 40 million in funding round led by SBI Holdings.
Notably, the funding round also witnessed participation from SC Ventures.
The Indian start-up will utilise the funds to introduce high-margin product categories – in addition to expanding its presence to over 300 cities in India.
More on the funding, Amit Bansal, CEO, Solv, said that despite pandemic menace, Solv has established itself as a dependable ally to over 220,000 MSMEs.
He added that the partnership with SBI Holdings and the investment will give Solv significant tailwinds and help it become a dominant B2B player over the next 12-18 months.
Meanwhile, Yoshitaka Kitao, CEO, SBI Holdings said that SBI Holdings’ investment in Solv is a reinforcement of its commitment to developing economies, especially India.
Founded in 2019, Bengaluru-based Solv is targeting half a billion-dollar gross merchandise value by December 2022.
