In a much-welcomed attempt to help Indian businesses get back on their feet in time for the country’s festival season, the ‘Bounce Back Capital’ initiative has been launched by the revenue-based financing fintech GetVantage.
GetVantage has allocated an initial corpus of $5 million from funding partners and NBFCs to be deployed via its founder’s platform.
The Bounce Back Capital initiative is the result of joint feedback from customers and ecosystem partners, who have each expressed a dire need for access to larger and faster growth capital as they look to meet increased consumer demand heading into the festive season; which will be the first to take place in two years.
According to the Festive Season Pulse 2021 survey by The Trade Desk and YouGov, nearly 3 in 5 Indian consumers are optimistic about the upcoming festival season sales with 91% planning to make a purchase during this time.
Through the Bounce Back Capital initiative, founders can enjoy additional benefits outside of those associated with the regular platform; including:
- More funding: Business owners can now get up to $500,000; an increase from the regular $250,000 limit.
- Quicker access: Founders can get funded in as little as 7 days; reduced from 3 to 4 weeks.
- Broader coverage: Performance-based capital to double-down on marketing, inventory, and logistics.
- For all businesses: Now serving traditional SMEs too, and not just digital-first brands.
- Same guarantee: No equity. No warrants. No personal guarantees. No interest. No hidden fees. No board seats. One flat fee starting at 5%.
In addition to fair and flexible capital, business owners also get access to real-time insights, various business optimisation tools through a promising partner ecosystem, which includes AWS, Razorpay, Freshworks, Adyogi, First Economy, and Zoho, alongside the FoundersForFounders mentor and support platform.
Speaking about the initiative, Bhavik Vasa, Founder and CEO of GetVantage, said: “All businesses have been adversely affected because of the pandemic. Bounce Back Capital was designed to help business owners and brands quickly access the working capital they need to not just get back to business but bounce back stronger than ever!”
Arjun Vaidya, Ventures Lead – India, Verlinvest, CEO of Dr. Vaidya’s (acquired) and FoundersForFounders member, says: “Initiative’s like Bounce Back Capital are timely and relevant as businesses look to recover quickly from the continued uncertainty of the pandemic. The demand for more quick, non-dilutive capital options is at an all time high and will continue to trend upward as the digital-economy grows exponentially.”
Increased internet penetration, widespread use of digital payments, and COVID-19 fueled adoption of online buying have resulted in 88% order volume growth on D2C websites in 2020. According to research by Avendus Capital, the Indian D2C market is expected to grow at 25% CAGR from $44.6 billion in FY21, to $100 billion by FY25.
Despite this massive growth, venture capital money remains inaccessible to many brands due to various reasons. GetVantage is poised to harness this momentum as the growth engine for various high-potential, home-grown D2C brands including Rage Coffee, Power Gummies, Charcoal Eats, Flatheads, Tijori, and Super Bottoms; among others.
In the last 9 months, GetVantage has funded over 100 digital brands and SMEs across 20 sectors (including eCommerce, D2C, gaming, SaaS, automotive, food and beverage, health and wellness, and home, and is committed to helping made-in-India brands bounce back from the influence of Covid-19. The company has quickly amassed a pipeline of over 1,500 businesses and is on track to fund over 250 brands in the next 9 months.