India-based SME lending app GetVantage scores $36m round

India-based FinTech GetVantage has reportedly scored $36m in a growth round led by Varanium Nexgen Fintech Fund and DMI Sparkle Fund.

The capital was also supported by existing backers Chiratae Ventures, Dream Incubator Japan, Sony Innovation Fund, InCred Capital and Haldiram family office, according to a report from Yourstory.

This equity infusion will help GetVantage bolster its financing solution and embedded finance product. Furthermore, it will help it enhance the technology, scale its product and explore new markets across Southeast Asia.

GetVantage offers revenue-based financing to help founders grow their business.??

As part of the deal, Varanium Capital partner Aparajit Bhandarkar will join the GetVantage board of directors.

Bhandarkar told Yourstory, ?By using data to unlock capital access for SMEs, GetVantage is pioneering a new approach to empower thousands of ecommerce entrepreneurs to grow their businesses on their terms.span>

GetVantage has raised a total of $40m in funding, to date. It previously raised $5m in a funding round back in October 2020.

Several Indian FinTech platforms have raised capital this week. Electric vehicle financing app Turno raised $3.1m and microfinance platform Annapurna Finance secured $15m.

SME lending business Progcap also closed funds this week, pulling in $40m in a round backed by Google.

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