Getvantage an alternate finance platform secures NBFC license

By Leandra Monteiro

GetVantage, India-based alternative financing FinTech platform, has announced that it secured a Non-Banking Financial Company (NBFC) license from the Reserve Bank of India.

With this achievement, the company has now become the first and only revenue-based financing and alternative funding platform in the country to do so. GetGrowth Capital, the NBFC arm of GetVantage will run the lending operations.

GetVantage, which is backed by investors including Chiratae Ventures, Varanium, InCred, DMI, and Japanese Investors like Sony and DI, will capitalize the NBFC with INR 50 crore and aims to raise INR 200 crore in total to scale up its lending operations. The company is on track to hit annual disbursements of over INR 500 crore in short-term working capital finance and help over 1,000+ emerging SMEs across India with funding in the next 18 months.

“We are excited to have secured an NBFC license from the RBI, which reinforces our commitment to providing innovative and accessible financing solutions to the emerging SME sector in India,” said Bhavik Vasa, Founder & CEO of GetVantage. “We are grateful to lead by example and push for greater compliance with regulations in this space for all players. Being unlicensed is not an option. This milestone will enable us to accelerate our growth trajectory, expand our reach and offer more value to our customers.”

The NBFC will further boost the three-year-old FinTech’s revenue pipeline and enable co-investment alongside other financial institutions including banks, NBFCs, and debt funds. In addition, it will be able to directly serve customers instead of acting only as a loan service provider (LSP).

GetVantage joins a small group of fintech companies to have secured an NBFC license.