Chiratae Ventures-backed alternative financing fintech platform Getvantage has secured a non-banking financial company (NBFC) license from the Reserve Bank of India (RBI). This development will help the company expand its financing business.

Getvantage, which bills itself as India’s first and only income-based financing and alternative financing platform to be licensed by NBFCs, said on May 4 that it would start lending through its NBFC arm, GetGrowth Capital.

“We are excited to lead by example and push all players to better comply with regulations in this space. Not having a license is not an option. This milestone will allow us to accelerate our growth trajectory, expand our reach and provide our clients with more value,” said Bhavik Vasa, Founder and CEO of Getvantage.

Getvantage said it would inject Rs 50 crore into NBFCs and hopes to raise Rs 200 crore to expand the loan.

Getvantage said it is on track to achieve an annual disbursement of over Rs 500 crore in short-term working capital financing and plans to lend to more than 1,000 emerging small and medium enterprises (SMEs) in the next 18 months.

It will provide services for business-to-business software-as-a-service (B2B SaaS), cleantech, direct-to-customer (D2C), electric vehicles (EV) and infrastructure, e-commerce, fast-service restaurants (QSR) and more, the fintech company said. The firm estimates the working capital of the SME market at $300 billion.

Founded in 2020 by former EbixCash executive Vasa and technology and operations veteran Amit Srivastava, GetVantage enables startups to secure loans ranging from $10,000 to $500,000 in a matter of days from lending partners based on the companies’ revenue performance.

It claims to have funded over 500 new economy businesses in the past 18 months. The company recently raised $36 million, led by Varanium Nexgen Fintech Fund, DMI Sparkle Fund, and existing investors Chiratae Ventures and Dream Incubator Japan.

Getvantage joins many fintech firms seeking and obtaining NBFC licenses to expand their market share with differentiated lending products.