The funds will be deployed by the company towards expanding its Buy Now, Pay Later (BNPL) offering, launching more high-margin products and geographic expansion.
The company will be aiding micro, small, and medium enterprises (MSMEs). Officials said they served 220000 MSMEs in a Covid-hit year domestically, and it will be using its learnings in India to create workable models for global markets.
Solv, which enables MSMEs to trade in different categories, such as grocery and fast-moving consumer goods (FMCG), readymade apparel, electronic and accessories, home furnishings, and footwear and accessories, is present in over 200 cities.
The company is targeting to have a gross merchandise volume of USD 500 million from India in 2022 and has already clocked USD 260 million in the first half, according to the press release.
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