GetVantage, a Mumbai-based lending platform for small and medium enterprises (SMEs), has raised funding while Carlyle is picking up a strategic minority stake in Gujarat-based Varmora Granito Pvt. Ltd.
GetVantage raises $36m led by Varanium Nexgen, DMI Sparkle Fund
SME lending platform GetVantage has raised $36 million in a round led by Varanium Nexgen Fintech Fund, and DMI Sparkle Fund. Existing investors Chiratae Ventures and Dream Incubator Japan re-upped in the round, per a company release.
The round, which is between the seed and Series A stage, also saw participation from Sony Innovation Fund, InCred Capital, and Haldiram’s Family Office amongst others.
Aparajit Bhandarkar, partner, Varanium Capital, will be joining GetVantage’s board of directors. With the current round, GetVantage has raised a total of $40 million to date, including debt lines with NBFC partners. It last raised $5 million in October 2020 in a mix of equity and debt, led by Chiratae Ventures and Dream Incubator Japan.
Carlyle to buy minority stake in Varmora
Global investment firm Carlyle is picking up a minority stake in Gujarat-based tile and sanitaryware company Varmora Granito Pvt. Ltd.
Although terms of the transaction were not disclosed, media reports suggest that Carlyle would be investing about $100 million in the privately-held company.
Equity for this transaction will come from funds managed and advised by entities affiliated with Carlyle Asia Partners Growth, a news release said.
“A positive outlook for the residential sector, along with rising per capita income in India and product premiumization, provide significant growth opportunities for a branded building materials consumer player such as Varmora,” Carlyle said in a statement.