At a time when many Indian start-ups could also be reeling beneath the results of the collapse of Silicon Valley Financial institution (SVB), home-grown various funding platform GetVantage has been fast in coming to the rescue of affected start-ups.
GetVantage, a revenue-based financing enterprise, has designed an providing whereby start-ups can get funds as much as $250k in simply 48 hours in order that the working capital necessities will not be affected and enterprise goes on as typical.
“We perceive many founders are nervous in regards to the evolving affect and contagion on their firm and colleagues in India,” says Bhavik Vasa, Founder & CEO, GetVantage, which has funded greater than 450 ventures up to now.
“GetVantage is actively serving to many start-ups & SaaS founders whose India operations could also be impacted by the continued fallout of the unlucky SVB state of affairs – to rapidly get entry to the working capital ($200k+) they should minimise any disruption to operations and get via this era,” he added.
Income-based finance or RBF is quick gaining recognition and refers to a mechanism whereby a start-up can avail development funding with out the founders having to dilute any stake or supply any collateral.
The funding is completed primarily based on the revenues of the enterprise and the compensation can be structured as a portion of the longer term month-to-month income of the start-up.
By the way, GetVantage may even be serving to start-ups get new banking companions in GIFT Metropolis for a US greenback account.
“We’re excited to work with our valued banking companions to assist impacted founders open US greenback accounts through GIFT Metropolis in India to handle their future revenues and entry the working capital they should get via this unsure interval,” stated Vasa.
This assumes significance as stories recommend that most of the start-ups affected by the continued disaster had only one banking companion – Silicon Valley Financial institution.
“There appears to be a typical theme amongst affected start-ups. A big majority had only one banking companion and even when there was a second financial institution, SVB accounted for 80-90 per cent of the banking operations,” says Vasa.
The potential affect of the disaster might be gauged from the truth that GetVantage has obtained round 100-150 enquiries for funding ever for the reason that SVB challenge got here out to the general public.
“It’s a fluid state of affairs however there may be fast-growing curiosity from start-up founders who wish to various financing platforms like GetVantage to get via this uncertainty. Our crew is actively engaged in discussions with many, many founders which have reached out to us,” stated Vasa.
Apparently, the business is already buzzing with talks that many founders are frantically reserving tickets to the US, looking for an alternate at a time when their funds are blocked within the crisis-hit financial institution.
Additionally learn: FDIC takes management of collapsed Silicon Valley Financial institution, retains workers for 45 days at 1.5x wage
