Bengaluru, February 16th, 2021 : SOLV, India’s trusted B2B e-commerce platform for micro, small and medium enterprises (MSME), today announced the launch of its operations in Hyderabad, the capital of Telangana and a hub of industrial activity in South India. Its presence in Hyderabad will enable SOLV to work more closely with the MSMEs of the state, bringing to them the benefits of digitalisation and accelerating their growth through a host of financial and business solutions tailor-made for the sector.
This launch also marks the start of SOLV’s expansion plan wherein it aims to scale and establish its operations in 200+ towns across India. SOLV has seen its customer base grow significantly with an 80% increase in transacting buyer base who buy over 250 tonnes of goods from the platform every day. The adoption of the platform was fast-tracked during the COVID-19 pandemic as MSMEs realised the importance of having a digital presence and SOLV now has over 50,000 small businesses exploring the benefits of using its platform, with many who have seen their revenue more than double by being a part of the SOLV’s ecosystem of MSMEs.
With a thriving network of Food, Grocery & FMCG retail outlets and many well-established wholesale markets like Begum Bazar, Malakpet Gunj , Kushaiguda & Shahpurnagar, Hyderabad’s mature MSME sector is poised for the next level of growth, given the right resources and impetus. SOLV’s full-stack, technology led e-commerce platform can provide it with the three key elements that help shape success for MSMEs, which they often struggle with:
- A strong trade network with access to new trusted buyer-supplier ecosystem
- Timely and easy access to finance
- Simplified business support functions
Since its inception, SOLV has been focused on digitising entire supply chains across various sectors, including food & fast-moving consumer goods (FMCG), apparels, mobiles and accessories as well as HoReCa. Many small businesses that previously had no digital identity are now able to leverage the power of a full-stack e-commerce platform that allows them to have their own digital store fronts, access a wide range of products at the best prices, optimise their inventory, digitise their payments, generate goods and services tax compliant invoices, and reconcile their accounts. Small businesses on SOLV’s platform can also generate ‘SOLV score’, an alternative credit score, to establish their credibility with other MSMEs and financial service providers.
SOLV is supported by a huge open network of financial services for the MSME ecosystem through pay-later and supply chain finance programs.
Speaking at a virtual launch event which was attended by representatives from industry bodies like FICCI FLO, FTCCI, and Hyderabad Kirana Merchant’s Association, Rohit Dawer, Head, Commerce Sales, SOLV said, “We are excited to debut our pan India expansion plans with the city of digital MSMEs- Hyderabad. We look forward to collaborating closely with various industry bodies and trade associations in the state and work with them to bring about a large-scale digital transformation in the MSME sector. With the ease of trading goods in a trusted environment, financial flexibility and convenience of customised business solutions offered by our platform, MSMEs of Hyderabad can look forward to unlocking their growth potential and move the nation forward towards economic prosperity.”
During the launch K. Mohan Raidu. Chair, IT & IT Enabled Services, The Federation of Telangana Chambers of Commerce and Industry (FTCCI) said, “MSMEs should take advantage of various initiatives announced by the Government of India. This is an excellent opportunity, with the focus on Atmanirbhar Bharat and exports, for the MSMEs to expand their horizons beyond the nation's boundaries especially thorugh digitization. SOLV is an excellent platform in this regard and we are hoping it will support MSMEs in their endeavours."
Commenting on the launch, Saritha Chilakapathi, Incubation Head, FICCI-FLO, Hyderabad Chapter said, "Access to capital is very important for MSMEs and especially those which are being run by women. SOLV is an ideal platform for women entrepreneurs as they offer a lot of support under one roof. Again, technology is a boon for women entrepreneurs. It minimizes cost and helps us focus on our business. SOLV is an excellent platform in this regard."
Mahesh Gupta, General Secretary, Hyderabad Kirana Merchants’ Association said, “SOLV is comprehensive, and we are looking forward to working with them to support our members which are looking at accessing capital and technology to make their operations more efficient."
SOLV is a B2B marketplace for MSMEs. The SOLV platform facilitates commerce in a trusted environment, while easing access to finance and business services through one seamless digital experience for customers. SOLV, registered as Standard Chartered Research & Technology India Pvt. Ltd. is a fully-owned entity of the Standard Chartered Group, headquartered in London. https://www.solvezy.com/