Fintech Revenue Based Financing GetVantage Launches Initiative to Help Indian Businesses Meet Challenges
GetVantage, an established revenue-based finance fintech, reveals it is introducing Rebound capital, which is described as a “first of its kind” initiative to help Indian brands “bounce back this holiday season”.
As mentioned in a statement shared with CI, GetVantage has allocated an initial amount of $ 5 million (from funding partners and NBFCs) to “deploy through its founder’s platform”.
Indian businesses are struggling to weather the COVID-19 pandemic. Bounce Back Capital is “the result of feedback from clients and ecosystem partners who have expressed an urgent need to access larger and faster growth capital as they seek to meet increased consumer demand. as the holiday season approaches, the first in two years, ”the announcement explained.
According to Pulse Holiday Season 2021 survey by The commercial counter and YouGov, nearly three in five Indian consumers, or around 60%, are “excited about the upcoming festival season sales, with 91% planning to make a purchase during this time. “
With Bounce Back Capital by GetVantage, founders can enjoy the same benefits and growth solutions that come with their founder’s platform, plus:
- More funding: Business owners can now get up to $ 500,000 (was $ 250,000).
- Faster access: Founders can now be funded in just 7 days (instead of 3-4 weeks).
- Wider coverage: Performance-based capital to double marketing, inventory and logistics.
- For all companies: Now at the service of traditional SMEs and not just digital brands.
- Same guarantee: No fairness. No warrant. No personal guarantee. Of no interest. No hidden costs. No seats on the board. A package (from 5% now).
In addition to “fast, fair and flexible” capital, business owners also have access to “real-time” information, various business optimization tools “through a powerful ecosystem of partners (AWS , Razorpay, Freshworks, Adyogi, First economy, Zoho, etc.), and the FoundersForFounders mentor and support platform.
Bhavik Vasa, Founder and CEO of GetVantage, said:
“All businesses have been affected by the pandemic. Bounce Back Capital was designed to help business owners and brands quickly access the working capital they need to not only get back to business, but to bounce back stronger than ever! “
Arjun Vaidya, Ventures Lead – India, Verlinvest, CEO of Dr. Vaidya (acquired) and member of FoundersForFounders, said:
“Initiatives like Bounce Back Capital are timely and relevant as companies seek to quickly recover from the lingering uncertainty of the pandemic. The demand for faster, non-dilutive capital options is at an all time high and will continue to increase as the digital economy grows exponentially. “
Increased internet penetration, the ‘widespread’ use of virtual payments and the coronavirus outbreak have led to the adoption of online shopping and ‘resulted in an 88% growth in order volume on D2C websites. in 2020 ”.
According to research by Avendus Capital, the Indian D2C market is on track to grow at a 25% CAGR, from $ 44.6 billion in FY21 to $ 100 billion in FY25.
Even though the expected growth is considerable, venture capital funds remain largely inaccessible to many brands for various reasons.
GetVantage is expected to “harness this momentum as a growth engine for various high potential local D2C brands including Rage Coffee, Power Gummies, Charcoal Eats, Flatheads, Tijori, Super Bottoms, among others. “
Over the past 9 months, GetVantage has “funded more than 100 digital brands and SMEs in 20 industries (including e-commerce, D2C, gaming, SaaS, automotive, foodservice, healthcare and well-being). being, home, etc.) Indian brands bounce back from COVID19. “
The company has successfully “built a pipeline of over 1,500 companies and is on track to fund over 250 brands over the next 9 months.”
Businesses can submit requests through this connect in order to receive funding within 7 days.