SOLV Partners With Standard Chartered Bank to Launch MSME Credit Card

The Standard Chartered powered SOLV MSME Credit Card empowers owners of micro, small & medium businesses with short-term working capital, helping them manage the impact of COVID-19 led slowdown

Bengaluru, June 26th, 2020:  On the occasion of International MSME Day, SOLV, a B2B digital platform for Micro, Small and Medium Enterprises (MSMEs), announced the launch of a credit card tailor-made for the MSME segment, in partnership with Standard Chartered Bank, India. The SOLV MSME Credit Card provides business owners with a ready means to meet ongoing business expenses including supplier payments, fuel, logistics, purchase of raw material, utility payments and others working capital outlays, in addition to also leveraging multiple benefits of the SOLV platform that helps small businesses trade goods with each other and expand their customer base across India.

Amidst the COVID-19 slow-down led cashflow issues that MSMEs are facing, SOLV MSME Credit Card is unique in its timing and host of customisation that allows for short-term revolving credit availability for small businesses and is supported by a leading multinational Bank in India.

The SOLV MSME Credit Card doesn’t charge any joining fee to the MSME, and is packed with cashback and reward features tailored for the MSME sector. With this one-of-a-kind credit card, MSMEs can also offset losses due to fuel price hikes by enjoying a 5% cashback on fuel transactions; effectively making more than two litres of petrol free for them on a fuel spend of Rs. 4000 every month.  Additionally, micro & small businesses can strengthen their digital credibility, which is fast becoming a must-have for success in the current business environment.


Commenting on this partnership, Jinesh Shah, MD & Head, Alliances, Partnerships and Mortgages, India, Standard Chartered Bank said, “The Bank firmly believes that MSMEs are the growth engine of the country and will propel India‘s next wave of development. We are committed, along with SOLV, to help the MSME sector realise its full potential. SOLV’s mission to enable MSMEs digitally and find innovative solutions for their challenges progresses further with the introduction of this affiliate credit card and we are happy to partner with them in this important initiative.”

Speaking about the SOLV MSME Credit Card, Nitin Mittal, CEO, SOLV said, “The SOLV MSME Credit Card is another step in our continuous endeavour to help MSMEs overcome their growth challenges. This credit card will help small business owners tide over immediate crises such as paying for daily expenses and logistics costs with ready access to funds from a reputed, reliable partner at an affordable rate. In the long run, it will empower them to do much more with their businesses by giving them the freedom that comes with having enough liquidity at one’s disposal.”

SOLV Launches COVID-19 Emergency Credit Line Program for MSMEs in Association with FICCI-CMSME

Collateral-free loans for growth and working capital available to support MSMEs helping to fight COVID-19 maintain their cash flow and grow their business

Bangalore, May 06, 2020:  SOLV, a B2B digital platform for MSMEs backed by the Standard Chartered Group, in association with FICCI-CMSME, announced the launch of its COVID-19 Emergency Credit Line Program for MSMEs that are helping the nation fight the COVID-19 pandemic. The nation-wide lockdown has badly hit business sustainability for the MSME segment due to the lack of cash-flows to meet their fixed cost. In this scenario, the COVID-19 Emergency Credit Line is aimed at easing the financial pain being faced by the MSME sector, ensuring their growth is not hampered.

Using technology and an extensive partner network, SOLV’s COVID-19 Emergency Credit Line is set to rapidly address the urgent financing needs of MSMEs who are exploring ways of maintaining their cash flow and staying relevant in the new market conditions. Currently, there exists a gap in the market related to the supply of goods and services essential to fight and manage the pandemic, and the requirements are likely to continue over the mid-term horizon. MSMEs are increasingly aware of this opportunity and are gearing up to fulfil the new demands of the market. SOLV’s COVID-19 Emergency Credit Line will act as a catalyst in helping them get started and grow.

This new offering was launched at a webinar jointly organized by FICCI-CMSME and SOLV, which brought together various key stakeholders from the financial ecosystem to share their views and advice for MSMEs during these unprecedented times of crisis. Apart from members of FICCI-CMSME, the webinar included speakers from National Stock Exchange of India Ltd., Receivables Exchange of India Ltd., SIDBI, SBI and Care Ratings Ltd. and was part of SOLV’s on-going efforts to provide MSMEs with integrated, holistic solutions for all their business needs.

SOLV’s Founder and CEO, Mr. Nitin Mittal, observed, “This offering is in response to the acute need of financing that the MSME sector faces today. It is open to anyone in any industry who is either already providing or is willing to repurpose their business to provide goods and services that help in containing COVID-19; for eg. All types of PPEs, public space and food-grade sanitization solutions, ventilators & other medical equipment. These unsecured loans will provide MSMEs with the much-needed working capital they are looking for and ensure their wheels keep moving. With this basic requirement met, MSMEs can focus on capacity-building and growth over the medium-to-long term.”

Speaking about the COVID-19 Emergency Credit Line, Mr. Sanjay Bhatia, President, FICCI-CMSME and Managing Director Hindustan Tin Works Ltd, said, “FICCI-CMSME is happy extend this much needed and unique credit line to our members & allied bodies through SOLV. We believe initiatives like this are the need of the hour for this belaboured sector – both to provide an impetus to India’s fight against COVID-19 and to ensure that the MSME sector, which is India’s growth engine, is able to overcome the challenges posed by the economic fallout of the pandemic.”

SOLV conducts charity drive "Fight Hunger, Fight COVID-19" on International Labour Day, distributes ration kits to migrant laborers and construction workers

SOLV, an e-commerce growth platform for MSMEs, conducted a charity drive called “Fight Hunger, Fight COVID-19”, on Friday, 1st May on the occasion of International Labour Day. As part of the drive, 200 kits with ration and PPEs were distributed to migrant laborers and BPL construction workers residing in and around HSR layout.  The entire exercise was conducted in consultation with BBMP and with the help of HSR layout police station, in order to maintain social distancing norms as well as law & order. The drive was led by Mr. Nitin Mittal, Founder and CEO of SOLV. Bengaluru South MP Shri Tejasvi Surya attended the event.

SOLV is India’s 1st B2B conversational commerce platform for SMEs with a mission to build India’s largest, fully digital, growth platform for the 60 million+ small and medium enterprises of India. It is a fully-owned entity of the Standard Chartered Group.

SOLV Partners with Akshay Patra Foundation, Helps in Uninterrupted Supply of Essential Goods Sourcing & Delivery

Bangalore, April 29, 2020:  SOLV, a B2B digital platform for MSMEs backed by the Standard Chartered Group, announced its partnership with Bangalore-based NGO Akshay Patra Foundation to connect Akshay Patra, to robust network of MSMEs on SOLV’s platform, engaged in supplying essential goods. The partnership will not only ensure smooth delivery of supplies to the foundation’s kitchens but also help sustain several kirana stores & small businesses engaged in manufacturing and distribution of essential food supplies.

With the partnership, SOLV is helping Akshay Patra during the current Covid-19 lockdown with sourcing materials for their Covid-19 Relief Feeding Program which aims to support the needy with 1 crore cooked meals and 5 lakh packaged grocery kits. Going forward, SOLV also aims to source and deliver raw materials for the foundation’s flagship mid-day meal scheme that provides fresh nutritious meals every school day to children in government schools and government-aided schools.

Akshay Patra first collaborated with SOLV during the start of the current Covid-19 nation-wide lockdown when there was an unprecedented disruption created in inventory and raw materials supply-chain for its kitchens to sustain ongoing programs. SOLV was able to leverage its network of hundreds of MSMEs as well as its logistics partners to source and deliver 300+ metric tonnes of raw materials to Akshay Patra within 2 days. This initial success and experience led to the forging of a longer term partnership for SOLV to support Akshay Patra with its supply-chain services and sourcing partners.

Commenting on the partnership, Nitin Mittal, CEO and Founder, SOLV, said, “SOLV has continuously been working with our MSME and delivery partners to maintain uninterrupted supply of essentials to NGOs, kiranas, small hospitals and others during the lockdown crisis. We are very pleased to partner with and support an NGO like Akshay Patra Foundation to ensure they can continue with their programs during this situation and after, without worrying about supply-chain interruptions or disruptions.”

“SOLV not only helped us keep our supply-chain operational when the COVID19 outbreak led to unavailability of essential supplies, but also demonstrated reliability and on-time delivery with excellent sourcing support, crucial in times of crisis like these.” said Vishwas Ujire, Head- Food Procurement, Akshay Patra Foundation. “We look forward to continuing this successful association with SOLV as we expand the reach of our flagship programs across the country.”

During the current crisis being faced by the SME sector due to the COVID-19 Pandemic, SOLV is playing a critical role by leveraging its B2B commerce platform for SMEs in new ways. SOLV is using the strength of MSME network and resources on its platform; connecting sourcing units like tier 2 manufacturers and villages on the one hand and delivery channels on the other, to deliver essential goods to kiranas, RWAs, NGOs and small hospitals. 

SOLV Launches “Vyapar Loan Mela” for MSMEs, in Partnership with Lendingkart, Indifi & Flexiloans

The 3-day Vyapar Loan Mela will commence in Delhi enabling small business owners to avail quick on-the-spot loan sanctions of up to Rs.50 lakh

18th February 2020, Bengaluru: SOLV, a B2B commerce platform for MSMEs, based in Bengaluru has launched “Vyapar Loan Mela”, a pioneering initiative to bring together new-age fintech lenders, to help small business communities with liquidity for business operations and expansion. 

  • The first phase of Vyapar Loan Mela will begin in Delhi this month with a 3-day event from 20th-22nd February at Karol Bagh, an important MSME hub in the North
  • MSMEs will have access to multiple lenders like Lendingkart, Indifi and Flexiloans
  • The initiative will also enable MSMEs with access to collateral-free loans at attractive interest rates and minimal paperwork  
  • Vyapar Loan Mela aims to provide a one-stop solution for the credit needs of MSMEs

With its unique technology platform, SOLV aims to simplify growth of MSMEs by addressing challenges of trading with MSMEs from across the country, access to credit and day-to-day business operations like payroll, taxation etc.

Only about 4% of Micro, Small & Medium Enterprises (MSMEs) in India have access to formal credit. Laborious paper-work, lack of alternate credit scoring methods and information gap have led to poor access to finance for MSMEs. With the launch of Vyapar Loan Mela, SOLV plans to bring the ease of hassle-free credit solutions to the doorstep of MSMEs and help them grow their business. 

Commenting on the launch of Vyapar Loan Mela, Nitin Mittal, CEO and Founder, SOLV said, “SOLV is pleased to launch this initiative to enable MSMEs to meet their credit needs, thus helping them focus on business growth and expansion. At SOLV, our vision is to provide MSMEs with an unprecedented growth edge through our B2B commerce platform. MSMEs are the economic engine of India and have a vast untapped potential; SOLV is working to help them unlock it and Vyapar Loan Mela is a step in that direction.”

Vyapar Loan Mela is open to all small and medium business owners. MSMEs will only need to submit copies of their GST, PAN card and latest 12 month’s bank statement. Disbursement of loans will take a maximum of 2-3 days, post final approvals.

SOLV Partners with Monetago to Digitize Invoice Financing for 60Mn+ Small & Medium Businesses of India

Mumbai, India, December 10, 2019 – SOLV, a B2B commerce marketplace, recently announced its partnership with MonetaGo. The partnership will help SOLV leverage MonetaGo’s growing Anti-Fraud Network and mitigate potential risks of double invoice financing.

SOLV is a trusted B2B commerce platform for Small and Medium Enterprises (SMEs) in India. The SOLV platform enables small businesses grow by helping them connect, converse and do business with each other, while also supporting them with finance, logistics and other business services. SOLV is a part of SC Ventures, the innovation, investment and ventures unit of Standard Chartered Bank.

SOLV’s platform is powered by blockchain and AI/ML and addresses ease of doing business and liquidity challenges in the SME sector; a segment which accounts for approximately 30 percent of India’s USD $2.5 trillion GDP. SOLV aims to empower SMEs to go global, create over 10 million jobs and help them contribute 50% to India’s GDP by 2025.

In order to enable seamless business transactions between millions of SME buyers and sellers across the country, SOLV provides invoice financing as a solution on its commerce platform.  Leveraging MonetaGo’s open API platform architecture for double invoice financing will enable higher transparency in all transactions between suppliers and buyers.

Commenting on the partnership, Nitin Mittal, CEO SOLV, said, “We are pleased to partner with MonetaGo to further transparency in transactions and to enable a secure environment for SME buyers and sellers to operate in. SOLV believes that MonetaGo’s solution built on blockchain to address the problem of double financing of invoices augments Solv’s blockchain-based supply chain finance solution for invoice financing and will help mitigate the systemic risk to the businesses and institutions with whom we work every day.”

MonetaGo’s products capitalize on cutting-edge financial technology to enable critical real-time decision making and on solutions that are easily deployed in heavily regulated environments.

MonetaGo’s next-generation solutions mitigate risk, increase capital efficiency, and make capital more accessible to 60 million+ small businesses in India. Reduced risk translates to cheaper access to capital and leads to better rates of return for everyone, including creditors.

“SOLV is not your traditional lender. They are a technology-first company which is looking to impact a lot of businesses within India in the very near future. In time, they’ll probably expand globally, and we look forward to working with them in other markets as well” said Jesse Chenard, CEO of MonetaGo. “I’ve led MonetaGo’s vision and strategy by interfacing with institutions and banks around the world for over many years, and it is always a pleasure to work with people who are so intensely data driven.”

SOLV has previously announced other strategic partnerships such as those with Bank of Baroda, Receivables Exchange of India Ltd (RXIL) and Experian.

About Solv

SOLV is building India’s first B2B conversational commerce platform for SMEs. Through this open, inclusive, diversified platform, SMEs can discover & connect with suppliers, buyers and peers for their growth. They also get access to on-demand financial services and business solutions.

For more information visit: www.solvezy.com

About MonetaGo

MonetaGo provides digitized enterprise solutions for financial operations. The MonetaGo product suite is compliant with existing regulations and designed to improve the efficient and secure delivery of financial products. Built to support multiple technologies and interoperate seamlessly with legacy financial infrastructure, institutions can integrate MonetaGo’s products with minimal disruption and cost. MonetaGo has previously launched India’s first live blockchain network, followed by working with several large players like Yes Bank, Vedanta Group, SWIFT India, among others.

For more information, visit www.monetago.com.

SOLV Press Contact

Ananya Chand

ananya.chand@solvezy.com

+91-8374971018

MonetaGo Press Contact

Rachna Baruah

rachna@madchatter.in

+91-99302-90142

 

SOLV Invites Techies to Hack its Digital Billboards across Bengaluru, becomes 1st in India to Pioneer a New-age Hiring Practice

Techies can log in to Hackyourfuture.in, solve the challenge and bag a tech role with Solv
15th July, 2019, Bengaluru: SOLV,  a B2B conversational commerce start-up based in Bengaluru has introduced India’s 1st hackable digital billboard across the city. The billboard invites techies to accept the challenge of hacking a puzzle and get their names displayed on it.

  • The digital billboards are live in phases across major tech parks in Bengaluru, with the second digital billboard available at Manyata Tech Park from 15th-19th July, 2019
  • Hackyourfuture.in is designed to help techies solve a puzzle and join SOLV’s mission
    Techies can hack the challenge online on hackyourfuture.in or onsite i.e. next to the digital billboard
  • Additionally, prizes worth INR 10,000 will be shared among top 5 winners everyday

‘Hack Your Future’ is a digital billboard designed to change away from traditional recruitment processes. The challenge posed is a real-time test of skills and talent wherein every aspirant has an opportunity to hack their way into the SOLV’s team.
Aspirants are required to hack a hashkey-based puzzle on hackyourfuture.in which is linked to the digital billboard. Techies can solve the puzzle and if they crack the code, their names will be featured on the billboard along with a chance to meet the SOLV’s leadership team and join them. Techies can also access the link to the challenge on Solv’s LinkedIn, Facebook and Instagram pages.
“The digital billboard’s offline-online integration is unique. Techies are invited to hack the code on their phones, see their name displayed on the digital billboard and get to join us. For the millennial techies, it’s an excellent opportunity to showcase their skills, real-time. In our pursuit to include 60mn+ SMEs in India’s digital economy, we at SOLV sincerely believe in giving a digital-first experience to all.
The talent that we are targeting, will be directly responsible for building the foundation of our conversational commerce platform and make a real-world impact on SMEs across India.” said Nitin Mittal, CEO, SOLV.
Nitin Mittal, CEO SOLV with Alex Mason, Global Head, SC Ventures at our hackable digital billboard
SOLV has received overwhelming response from techies not only in Bangalore but also from across India. This new-age recruitment drive found interest in 6,00,000+ techies pan India with 2,00,000+ of them from across the 2 tech parks that it has been displayed in. 
About SOLV:
SOLV Is India’s 1st B2B conversational commerce platform for SMEs with a mission to build India’s largest, fully digital, growth platform for the 60 million+ small and medium enterprises of India. SOLV aims to support SMEs in tackling their 3 biggest challenges: Accessing finance, connecting with their customers, peer, suppliers & employees and Simplifying their day-to-day operations by helping them partner with the right business solution providers.
SOLV is a fully-owned subsidiary of Standard Chartered Group. headquartered in London.
Contact Details:
Ananya Chand
Brand & Marketing @ SOLV
Phone no: +91-8374971018
Email: ananya.chand@solvezy.com