Solv also aims at a 2x growth in its team with a large part of its workforce engaged in tier-2 towns and peri-rural areas with 100% flexible working schedules.
Solv, India’s trusted B2B digital marketplace for Micro, Small and Medium Enterprises (MSMEs), backed by the Standard Chartered Group, announced INR 1200 crore run rate on its platform, supported by 100,000+ KYC verified buyer & seller MSMEs, a significant milestone achieved within a year of the platform’s commercial launch.
Solv, a pureplay marketplace, offers a full-stack, technology led e-commerce platform for MSMEs – millions of micro-operators like kiranas & small buyers & sellers across India – helping them build a strong trade network through a trusted ecosystem. Solv currently operates in the FMCG, consumer electronics, home furnishings, fashion & apparel, and Hotels, Restaurants & Catering (HoReCa) categories in multiple cities pan India, with deep-tiered presence in Bangalore, Delhi NCR, Hyderabad and Chennai markets.
Grocery & Consumables segment specifically, has been a high-growth category on the Solv platform post-pandemic, with consumers spending more on essential dailies, personal care, hygiene & wellness products. Solv helped keep supply chains running during the Covid-19 lockdowns, by ensuring that goods reach the buyers – kirana shops’ door-steps – on time, through procurement from reliable sellers (MSMEs themselves) and reliable on-ground logistics support. Digitizing their operations has helped micro & small businesses strengthen and streamline their processes such as procurement, shipping & last mile delivery, billing, and payment, making them compliant to industry standards and increasing their efficiencies, becoming quality conscious and competitive, leading to business growth. Solv’s B2B e-commerce platform is currently delivering over 350 tonnes of goods on an average every day and has seen an avg. of 70%+ MSME customers transacting repeatedly on its platform, even at scale.
On the back of a robust KYC-verified MSME customer base, Solv plans to grow transaction volume on its platform by 200%+ in 12 months’ time, with introduction of several new categories like footwear, large & small appliances, beauty & personal care etc. and entry into 50+ new cities with deep-tiered presence in peri-rural areas with high concentration of SEC D&E stores.
Speaking about Solv’s growth trajectory, Amit Bansal, CEO, Solv, said “Since its launch, Solv has been focused on digitising entire supply chains – starting from manufacturer to the end retailer, ensuring there’s 100% seamless integration & zero disruption. The strong growth multiple in transactions on the Solv platform and the positive impact that we are able to bring to livelihoods of MSMEs in India is testament to Solv’s continuous effort towards democratizing technology for the 63 MN+ underserved segment in India. We will continue to expand our services for MSMEs across categories and are confident of delivering the best trading experience to this segment through Solv’s platform.”
Lakhs of small businesses that previously had no digital identity are now able to leverage the ‘Solv Score’, an alternative credit score, to establish their credibility with other MSMEs and financial service providers. Solv’s Buy Now Pay Later (BNPL) product leverages the Solv Score to enable new-to-credit customers to avail on-demand invoice financing on its platform with ticket-sizes as low as INR 3,000. The product has received overwhelming response from micro & small entrepreneurs with ~100% avg. monthly growth in credit lines extended, since its launch early this year.
Buoyed by strong growth signals, Solv also aims at a 2x growth in its team with a large part of its workforce engaged in tier-2 towns and peri-rural areas with 100% flexible working schedules.
Commenting on Solv’s initiatives towards digitising the MSME landscape in India, Jiten Arora, Board Member, Solv & Member, SCV, Standard Chartered said, “I am thrilled to witness the significant interest that micro & small entrepreneurs across India are taking in Solv to digitize their everyday business. The nation’s ‘Digital India’ vision has truly arrived with a robust data infrastructure, high smartphone penetration and IndiaStack. With India now leapfrogging in financial inclusion, owing to the massive disruption that fintechs have brought in, we see the huge potential that the country has in achieving its aim of becoming a $5 TN economy. We believe that our investment in India through Solv will help in furthering the dream of a digital India and organizing one of the biggest employment generators & GDP boosters of the country, the MSME segment.”
Source: Business World