Getvantage, which claims to be the first and only revenue-based financing and alternative funding platform in India to get an NBFC licence, says it will run lending operations through GetGrowth Capital, its shadow bank arm
Chiratae Ventures-backed alternative financing fintech platform Getvantage has secured a non-banking financial company (NBFC) licence from the Reserve Bank of India (RBI), a development that will help the company scale up its financing operations.
Getvantage, which claims to be the first and only revenue-based financing and alternative funding platform in India to get an NBFC licence, said on May 4 that it would run lending operations through GetGrowth Capital, its NBFC arm.
“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,” Getvantage founder and CEO Bhavik Vasa said.
The company would capitalise the NBFC with Rs 50 crore and look to raise Rs 200 crore in total to scale up lending, Getvantage said in a statement. Getvantage said that it was on track to hit annual disbursements of over Rs 500 crore in short-term working capital finance and aimed to lend to more than 1,000 emerging small and medium enterprises (SMEs) over the next 18 months.