GetVantage, a Mumbai-based alternative lending platform for small and medium enterprises (SMEs), on Wednesday, said it has launched its $30 million SaaS Accelerator Fund II.
The fund is an extension to GetVantage’s $8 million SaaS Accelerator Fund I launched in 2022. The SaaS Accelerator Fund II will deploy the funds over the next 12 months in over 2oo companies.
The firm has fully deployed the original corpus of $8 million from Fund I and has earmarked nearly four times the amount for this follow-on fund given the inbound interest from hundreds of SaaS founders, GetVantage said in a statement.
Launched in 2020 by Bhavik Vasa and Amit Srivastava, GetVantage is a revenue-based financier that facilitates data-driven investments from Rs 20 lakhs to Rs 20 crore in industries including marketing, inventory, logistics, and other recurring CapEx to businesses across sectors, including B2B SaaS, eCommerce, D2C, edtech, cloud kitchens, and many more.
The company is backed by leading Indian and Japanese investors, including Chirate Ventures, Varanium Nexgen Fintech Fund, Sony Innovation Fund, Dream Incubator Japan, DMI Sparkle Fund, and InCred Capital.
For the new fund, GetVantage has its own licensed NBFC GetGrowth Capital, along with partnerships with Varanium’s Debt Fund, and other leading NBFCs and AIF funds.
“The resilience and adaptability of the Indian SaaS industry has positioned it for remarkable growth over the next few years, with a potential surpassing $25 billion by 2026. The recurring nature of revenues and category of digital expenditures present an ideal opportunity for GetVantage to expand its offerings and support for SaaS founders with their SaaS Accelerator Fund II,” said Venkatesh Peddi, Managing Director & Partner, Chiratae Ventures.
With equity capital hard to come by amid a global macroeconomic crisis and the Russia-Ukraine war, some Indian e-commerce and consumer startups are exploring new, innovative ways to raise money.
Revenue-based financing (RBF) is one such alternative source of funding that has gained considerable traction in the recent past and led to the emergence of pure-play RBF venture funds such as GetVantage, Velocity, Klub, BHIVE Investech, and N+1 Capital.