GetVantage secures NBFC licence
GetVantage, a fintech platform offering alternative financing solutions, has obtained an NBFC licence from the Reserve Bank of India (RBI). Its lending operations will be managed by its NBFC subsidiary, GetGrowth Capital. The platform plans to raise a total of ₹200 crore to expand its lending operations, with ₹50 crore already invested by backers such as Chiratae Ventures, InCred and Sony and DI.
GetVantage secures NBFC licence: Key Points
- Founder and CEO Bhavik Vasa said the licence “reinforces our commitment to providing innovative and accessible financing solutions to the emerging SME sector in India.”
- The addition of NBFC will not only enhance the revenue pipeline of the three-year-old FinTech but also allow the co-investment feature with other financial institutions such as banks, NBFCs, and debt funds. Moreover, it will enable GetVantage to serve clients directly instead of solely operating as a loan service provider (LSP).
- GetVantage has become part of a limited number of fintech companies that have obtained an NBFC licence.
- With backing from investors such as Chiratae Ventures, Varanium, InCred, DMI, and Japanese investors Sony and DI, GetVantage plans to inject INR 50 crore into its NBFC and secure a total of INR 200 crore to expand its lending activities.
The company has set its sights on disbursing over INR 500 crore annually in short-term working capital finance and providing funding to 1,000+ emerging SMEs across India within the next 18 months.