Industry

Stanchart-owned MSME platform Solv raises ₹300 cr.

Solv, a B2B digital marketplace for MSMEs, also a wholly-owned subsidiary of Standard Chartered, has raised ₹300 crore in its latest round of funding led by SBI Holdings (Japan), with participation from SC Ventures, an incubator and early-stage investor of Solv.

With the fresh funds, Solv’s total funding has gone up to $80 million, said the company in a release.

Yoshitaka Kitao, CEO, SBI Holdings, said, “ We are confident that Solv will become a global technology powerhouse and play a defining role in turbo-charging the growth of underserved MSMEs. Our investment in Solv is a reinforcement of our commitment to developing economies, especially India.”

 “At Solv, we are passionate about improving the livelihoods of millions of underserved MSMEs in India and globally. In a year ravaged by Covid-19, Solv has been able to establish itself as a dependable partner to 220,000+ MSMEs,’‘ said Amit Bansal, CEO, Solv commenting on leading Solv’s growth to the next stage.

Mr. Bansal further said, this strategic partnership and investment would give the company significant tailwinds and help it become a dominant player in the business in the next 12-18 months.


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Printable version | Jun 27, 2022 9:53:25 pm | https://www.thehindu.com/business/Industry/stanchart-owned-msme-platform-solv-raises-300-cr/article65570369.ece