SC Ventures launches SOLV, a full-stack B2B marketplace for Indian MSMEs

SC Ventures, the innovation, ventures, and fintech investments unit of Standard Chartered, today announced the commercial launch of Solv, a full-stack B2B marketplace for Indian micro, small, and medium enterprises (MSMEs).

In a press release, it stated the platform is part of the bank’s vision to rewire banking to serve the needs of its existing and new client segments in the digital age.

SC Ventures claimed SOLV's B2B commerce platform offers India’s MSME sector an open and inclusive trade ecosystem across the entire value chain – from facilitating connections and negotiations with verified suppliers and buyers, doorstep pick-up, and delivery of goods, to timely and easy access to finance, as well as simplified business support functions.

The statement read:

"SOLV’s intuitive and user-friendly conversational commerce platform also brings the power of technologies like blockchain, artificial intelligence, and machine learning – emerging technologies that are usually only accessible to the more established players – to these small businesses and helps them conduct their business with multiple stakeholders in a trusted environment."

Jiten Arora, Venture Lead, SOLV and Global Head for SME Platforms, SC Ventures, said, simplifying growth for small businesses in emerging markets, especially in the current post-pandemic environment, is one of the most pressing challenges that financial institutions can help to tackle.

"Backed by Standard Chartered’s global capabilities and deep local knowledge from over 160 years of presence in India, SOLV has the potential to positively impact millions of local MSMEs by helping them to achieve sustainable growth," he said, adding:

"As data continues to grow exponentially in the Indian market, SOLV is plugging into these data sources and building end-to-end technology-led commerce and financial services solutions supported by business solutions that can help solve problems across customer onboarding, alternative credit scoring and underwriting, digitising operations, and improving the efficiency of supply chains."

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The statement added that since its inception, SOLV has been focused on digitising entire supply chains across various sectors, including fast-moving consumer goods (FMCG), mobiles and accessories, as well as hospitality.

"More than 15,000 small retailers, traders, wholesalers, and manufacturers to date are using SOLV and realising the benefits of this transformation. Many small businesses that previously had no digital identity are now able to leverage the power of a full-stack ecommerce 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," claimed SC Ventures.

Small businesses on SOLV’s platform can also generate ‘SOLV score’, an alternative credit score, to establish their creditworthiness within the ecosystem.

SOLV currently operates in over 20 Indian towns, and is set to expand to 200 towns within the next year. Beyond India, SOLV will be rolling out in Kenya and Ghana, and is also exploring other markets for expansion.