In August 2026, GetVantage said its committed financing capacity had crossed ₹700 crore ($72.9 million at $1 ≈ ₹96.0, 18 September 2026), and that its platform had put capital behind more than 2,000 Indian businesses, as reported by Inc42. The pitch behind all of it was blunt and consistent from day one: growth capital without giving up a single share of equity.
Yet the company that sells founders on “never dilute” has itself raised equity across at least three rounds since 2020 to build that balance sheet, and it took until May 2023 — nearly four years after launch — for it to win an RBI licence to lend from its own books instead of routing other people’s money. The gap between GetVantage’s pitch to founders and the harder, slower economics of building a lender in India is the real story here.
Quick facts
| Company | GetVantage (GetVantage Tech Private Limited); NBFC arm GetGrowth Capital |
| Founded | Incorporated 30 August 2019 in Mumbai (RoC filing); platform launched February 2020 |
| Founder(s) | Bhavik Vasa (founder and CEO) and Amit Srivastava (co-founder, technology and operations) |
| Businesses | Revenue-based and embedded-finance lending platform (“Capital Gateway”) plus GetGrowth Capital, its RBI-registered NBFC lending arm since May 2023 |
| Latest FY revenue | ₹15.36 crore in FY24, up 37.4% from ₹11.18 crore in FY23 (as per RoC filings, reported by TheKredible) |
| Latest FY profit/loss | Net loss of ₹9.07 crore in FY24, widened from a loss of ₹7.74 crore in FY23 (TheKredible) |
| Listed | Private; not listed on any exchange |
| Market value / last valuation | Not disclosed by the company; Tracxn’s third-party estimate put it at ₹239 crore (about $29 million) as of September 2022 — before three subsequent capital raises, so treat it as dated, not current |
| Key shareholders / CEO | CEO Bhavik Vasa; investors include Chiratae Ventures, Varanium Fintech Fund, DMI Sparkle Fund, Sony Innovation Fund, InCred Capital, Dream Incubator (Japan), SanRaj Group and banker Rajeev Ahuja |
What they do
GetVantage lends short-term growth capital to Indian small and mid-sized digital businesses — D2C brands, e-commerce sellers, B2B SaaS companies and similar founder-led ventures — without taking equity or asking for collateral in return. A business connects its payment gateway, bank statements, GST filings and ad-spend accounts to GetVantage’s systems; the platform reads that revenue data to decide how much to lend and on what terms. Repayment is structured as a fixed fee (historically quoted at 6-12% of the amount advanced, per Entrackr’s July 2023 reporting) collected as a slice of future revenue over roughly six to sixteen months, rather than as a fixed EMI. Ticket sizes have ranged from about ₹2 lakh to ₹20 crore depending on the year and the source (Inc42, August 2026; StartupTalky), aimed at businesses that already have revenue but lack the collateral or credit history that banks want.
The origin
Bhavik Vasa spent seven years scaling ItzCash, a digital-payments and prepaid-cash business, from about $3 million to $45 million in revenue, according to his own account on the Founder Thesis podcast. ItzCash’s investors eventually sold an 80% stake to NASDAQ-listed Ebix for roughly $120 million in an enterprise deal implying a value near $150 million, a transaction reported by Medianama and Inc42 in 2017. Vasa served as ItzCash’s chief growth officer through that period. What stayed with him, he has said, was a specific frustration: ItzCash was a high-revenue, high-growth technology company with almost no physical assets, and Indian banks still wanted collateral before they would lend it working capital. A digital-first business generated a constant, verifiable stream of revenue data — bank transactions, payment-gateway settlements, ad spend — that traditional underwriting simply ignored.
India’s November 2016 demonetisation push, which forced a wave of small merchants onto digital payment rails, gave Vasa’s thesis a wider audience just as he was leaving Ebix. He and Amit Srivastava, a technology and operations executive with two decades in fintech, founded GetVantage in Mumbai in August 2019 on the idea that a company’s own revenue data — not its balance sheet — should be the collateral. The platform went live in February 2020, weeks before India’s COVID-19 lockdown, betting that founders forced to digitise overnight would also need capital that didn’t dilute their shrinking cap tables.
The struggle years
GetVantage’s timing looks tidy in hindsight, but each stage exposed a different weakness in the model, and the company had to keep adapting the product to keep up.
- February 2020 launch: the platform went live just before India’s nationwide COVID-19 lockdown, an environment in which most lenders were pulling back credit rather than extending it — GetVantage’s underwriting, built on live revenue data rather than trailing financials, was untested at exactly the moment demand for cash spiked (Founder Thesis podcast).
- Late 2021: with many D2C brands facing volatile, pandemic-distorted revenue as demand patterns swung between lockdown online spikes and reopening slumps, GetVantage carved out a separate ₹5 million (about $5 million) “Bounce Back Capital” pool offering up to $500,000 per venture specifically for recovery-stage brands, rather than relying on its standard product (BusinessToday, January 2024).
- March 2023: the collapse of Silicon Valley Bank rattled India’s own startup ecosystem, since many venture-backed companies banked or held reserves through SVB-linked structures; GetVantage responded with a “48-hour emergency funding” line of up to $250,000 for working-capital gaps, an ad hoc product built to plug a liquidity scare rather than serve steady-state demand (BusinessToday, January 2024).
- Through FY21 to FY24, losses widened every year even as revenue grew — from a ₹0.86 crore loss on ₹0.42 crore of revenue in FY21, to a ₹9.07 crore loss on ₹15.36 crore of revenue in FY24 (RoC filings, via Entrackr and TheKredible) — the arithmetic of a company still spending well ahead of the fee income its lending book throws off.
- July 2023: Entrackr reported that GetVantage was “yet to file its financial statements for FY23” but was already claiming ₹16 crore of operating revenue for that year in press conversations; the audited FY23 number that eventually surfaced through RoC filings was ₹11.18 crore, roughly 30% lower than the claim made in real time.
The turning point
For its first four years, GetVantage operated mainly as a marketplace and underwriting layer: it scored businesses using their revenue data, then routed the actual capital through third-party institutional lenders and its own investors, earning a fee for the referral and the risk assessment rather than lending purely off its own balance sheet. That changed on 4 May 2023, when the Reserve Bank of India granted GetVantage’s subsidiary, GetGrowth Capital, a non-banking financial company licence — making it, by the company’s own account and BusinessToday’s and CXOToday’s reporting, the first revenue-based financing platform in India to become a licensed lender in its own right.
The numbers on either side of that date show the scale of the shift. Going in, GetVantage had disbursed roughly ₹300 crore since its 2020 launch and funded around 500 businesses over the prior 18 months, per Entrackr’s July 2023 reporting — capital that flowed largely through third-party lenders and co-investors. GetGrowth Capital launched with ₹50 crore of its own capital, targeting ₹200 crore cumulatively, and set a public goal of crossing ₹500 crore in annual disbursements and 1,000 funded SMEs within 18 months (BusinessToday, CXOToday, May 2023). By August 2026, three years on, GetVantage’s own reporting put its committed financing capacity at over ₹700 crore and its cumulative reach at more than 2,000 businesses (Inc42, Entrackr). Getting the licence didn’t just add a revenue line; it let GetVantage keep more of the economics of every loan it originated, instead of splitting them with outside capital providers.
The money behind it
- Seed, October 2020: $5 million led by Chiratae Ventures (formerly IDG Ventures India) and Dream Incubator (Japan), with Venture Catalysts and angel investors participating (Entrackr; StartupTalky) — the round that let GetVantage build its underwriting model and first lending pool through the pandemic.
- Growth round, June 2022: $36 million co-led by Varanium Nexgen Fintech Fund and DMI Sparkle Fund, with Sony Innovation Fund, InCred Capital and Haldiram’s family office also investing, taking total funding to $41 million (Entrackr, 30 June 2022) — earmarked to build out technology infrastructure and explore markets beyond India.
- NBFC capitalisation, May 2023: GetGrowth Capital was seeded with ₹50 crore of equity, with a target of ₹200 crore in cumulative debt and equity capital to scale lending (BusinessToday; CXOToday) — this is what let GetVantage begin lending on its own books rather than only routing capital from partners.
- Series A1, 4 August 2026: ₹63 crore (about $6.6 million) in a hybrid equity-and-debt round co-led by Rajeev Ahuja, former managing director of RBL Bank, and SanRaj Group, with existing backers Chiratae Ventures, Varanium Fintech Fund and VCMint also participating (Entrackr; Inc42) — pushing GetVantage’s total committed financing capacity past ₹700 crore and funding its push toward what the company calls an “AI-native capital gateway.”
- Across all rounds, Inc42 put GetVantage’s total funding raised at “over $47 million” as of August 2026 — a figure distinct from the ₹700 crore-plus “committed financing capacity” number, which includes debt lines and third-party capital the platform can deploy, not just equity and debt raised by the company itself.
How it makes money
GetVantage’s economics changed meaningfully once GetGrowth Capital got its NBFC licence in May 2023, and understanding the “before” and “after” matters for reading its numbers correctly.
- Before the NBFC licence (2020-2023): GetVantage functioned largely as an underwriting and referral platform, scoring a business’s revenue data to build a proprietary “trust score” and then connecting approved businesses with third-party institutional lenders and investors; the Founder Thesis podcast cites the platform taking a fee of roughly 20-30% of deployed capital for this origination and risk-assessment role, without lending from its own balance sheet for most of that period.
- After the NBFC licence (2023 onward): GetGrowth Capital can now lend directly, earning the flat repayment fee (quoted at 6-12% of the amount advanced, structured over 6-16 months, per Entrackr) as its own income rather than splitting it with a third-party lender.
- Collections mechanism: repayment is collected by integrating directly with a borrower’s revenue sources — payment gateways and settlement accounts — so GetVantage’s share is captured before funds reach the merchant’s own account, via what the Founder Thesis interview describes as a virtual escrow arrangement, rather than through conventional EMI collection.
- The part people get wrong: the large headline numbers GetVantage publishes — cumulative GMV of about $700 million and 650-plus funded brands by February 2024, per StartupTalky — describe capital that has moved through the platform’s ecosystem over its whole life, much of it other people’s money before 2023. That is a very different number from the company’s own audited revenue, which was ₹15.36 crore in FY24 (TheKredible) — a reminder that a platform’s disbursement volume and its own income are not the same thing, and the gap between them is exactly where a lending marketplace’s fee sits.
The numbers
GetVantage Tech Private Limited’s revenue has grown every year since incorporation, but so have its losses, based on unaudited annual financial statements filed with the Registrar of Companies and reported by Entrackr (FY21-FY22) and TheKredible (FY23-FY24):
| Metric (₹ crore) | FY21 | FY22 | FY23 | FY24 |
| Revenue | 0.42 | 5.43 | 11.18 | 15.36 |
| Net loss | 0.86 | 2.84 | 7.74 | 9.07 |
- Revenue grew roughly 13-fold between FY21 and FY22, then 106% in FY23 and 37.4% in FY24 — a growth rate that is slowing even as the absolute base grows (Entrackr; TheKredible).
- Total expenses rose 29.4% in FY24 to ₹24.50 crore, from ₹18.94 crore in FY23 (TheKredible).
- Employee benefit costs made up 49.06% of FY24 expenses, up sharply from 35.30% in FY23 — the single biggest driver of the wider loss (TheKredible).
- These figures cover the GetVantage Tech platform entity; GetGrowth Capital, the separately capitalised NBFC, files its own accounts and is not included in this table.
Where the money comes from
GetVantage does not publish a formal revenue-by-segment breakdown, but its own disclosures and independent reporting sketch a fairly consistent portfolio shape.
- Sector mix: the loan book spans D2C and e-commerce brands, B2B SaaS, cleantech, electric-vehicle infrastructure, and quick-service restaurants, among “23 categories” the company says it underwrites for (StartupTalky; BusinessToday, January 2024).
- Founder mix: about 60% of the portfolio consisted of bootstrapped companies with no prior institutional funding, as of July 2023 (Entrackr) — a segment banks and pure-equity VCs typically underserve.
- Repeat business: the company reported a 71% repeat-customer rate as of February 2024, and said more than two-thirds of borrowers returned specifically for working-capital top-ups rather than one-off growth bets (StartupTalky; Entrackr).
- Diversity claim: GetVantage said 45% of its funded portfolio was made up of women-led or first-time founders, as of its January 2024 BusinessToday profile — a claim made by the company, not independently audited.
- Geography: disbursement has stayed concentrated in India; a stated 2022 ambition to explore Southeast Asian markets (Entrackr, June 2022) has not surfaced in any subsequent funding announcement or company statement found for this piece, so it appears to have been shelved or quietly deprioritised.
- The surprise: two of GetVantage’s earliest and largest equity checks — Dream Incubator and Sony Innovation Fund — are Japanese investors backing an India-only SME lender with, on the evidence available, no announced Japanese or wider Asian loan book of its own.
The risks
- Widening losses against a small revenue base: FY24 revenue of ₹15.36 crore came with a ₹9.07 crore loss and ₹24.50 crore of expenses, meaning the company still spends more than it earns by a wide margin even after four years of revenue growth (TheKredible) — the model needs either sharply higher scale or a lower cost base to reach breakeven.
- Concentration in unsecured, revenue-linked credit: GetVantage’s underwriting depends on a borrower’s revenue continuing to flow through the payment rails it monitors; a sustained slowdown in D2C or e-commerce demand — the sectors that make up much of its book — would hit collections directly, since there is no collateral to fall back on.
- Headcount reduction: Tracxn’s tracked employee count for GetVantage stood at 32 as of April 2026, down roughly 31% year-on-year — a contraction that sits oddly alongside the company’s claim of expanding disbursement capacity, and one GetVantage has not itself explained publicly.
- Gap between claimed and filed numbers: Entrackr’s July 2023 reporting flagged that GetVantage’s own claimed FY23 revenue of ₹16 crore, given before results were filed, came in roughly 30% above the ₹11.18 crore that eventually appeared in its RoC filings — a pattern worth watching in future company statements made ahead of audited numbers.
The takeaway
GetVantage’s core sales pitch to founders is that they should not have to trade equity for growth capital. The company’s own history quietly argues the opposite case for itself: building a credible alternative lender in India took repeated rounds of dilutive equity capital, four years of routing other people’s money before it could lend its own, and a widening loss for every year revenue climbed. That is not a contradiction so much as a reminder that “non-dilutive” is a promise about the borrower’s cap table, not about the lender’s. Anyone evaluating a revenue-based financing product — as a borrower or as an investor in the lender — should ask the same question GetVantage’s own numbers force onto the table: whose balance sheet is actually absorbing the risk today, and who paid to build it.
Frequently asked questions
What is GetVantage?
GetVantage is a Mumbai-based fintech, incorporated as GetVantage Tech Private Limited on 30 August 2019, that provides revenue-based and embedded financing to Indian SMEs, D2C brands and B2B SaaS companies without taking equity. Its lending arm, GetGrowth Capital, has held an RBI non-banking financial company licence since May 2023.
Who founded GetVantage and when?
Bhavik Vasa and Amit Srivastava founded GetVantage; the company was incorporated in August 2019 and its platform launched in February 2020. Vasa was previously chief growth officer at ItzCash, which NASDAQ-listed Ebix acquired an 80% stake in for about $120 million in 2017.
How much funding has GetVantage raised?
GetVantage raised a $5 million seed round in October 2020, a $36 million round in June 2022, and a ₹63 crore Series A1 round in August 2026, taking total funding raised to over $47 million as per Inc42’s August 2026 reporting, with total committed financing capacity — including debt lines — crossing ₹700 crore.
Is GetVantage profitable?
No. As per RoC filings reported by TheKredible, GetVantage posted a net loss of ₹9.07 crore in FY24 on revenue of ₹15.36 crore, with losses widening every year from FY21 through FY24 even as revenue grew.
What is GetGrowth Capital?
GetGrowth Capital is GetVantage’s wholly owned NBFC subsidiary, licensed by the RBI in May 2023, which lends directly from its own capitalised balance sheet rather than routing capital solely through third-party institutional lenders, a shift that changed how GetVantage earns fee income on the loans it originates.
Sources
Figures are as of September 2026. Currency converted at $1 ≈ ₹96.0 as of 18 September 2026 (Trading Economics).
- Entrackr, “GetVantage secures Rs 63 Cr in Series A1 round,” August 2026
- Inc42, “GetVantage Raises ₹63 Cr To Expand Its B2B Revenue Based Financing Platform,” August 2026
- Entrackr, “GetVantage raises $36 Mn in a new round,” June 2022
- Entrackr, “Revenue-based financer GetVantage disburses Rs 300 Cr since 2020,” July 2023
- TheKredible, “GetVantage Achieves 37.4% Revenue Growth in FY24, Expenses Rise,” and TheKredible company financials page, accessed September 2026
- BusinessToday, “GetVantage becomes first RBF start up to get NBFC licence,” May 2023
- CXOToday, “GetVantage becomes 1st alternative-financing fintech to secure NBFC license,” May 2023
- BusinessToday, “How GetVantage’s innovative business model is helping the start-ups weather macroeconomic headwinds,” January 2024
- StartupTalky, “GetVantage: Passionate about Helping Founders Win,” accessed September 2026
- Founder Thesis, “How Bhavik Vasa and GetVantage Are Helping Founders Build Wealth Through Debt,” podcast and transcript, accessed September 2026
- Medianama, “NASDAQ listed Ebix acquires 80% in Itz Cash for $120 million,” May 2017
- Inc42, “US Based Ebix Invests $123 Mn In ItzCash, Acquires 80% Stake,” 2017
- Tofler, GetVantage Tech Private Limited company filing extract (CIN U72900MH2019PTC329983), accessed September 2026
- Tracxn, GetVantage company profile (funding, valuation estimate and employee-count data), accessed September 2026
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