Standard Chartered incubated B2B marketplace Solv onboards Amit Bansal as CEO

Bengaluru based business-to-business (B2B) commerce marketplace Solv has appointed Amit Bansal as CEO and board member. Prior to this, Bansal was the founder and CEO of video commerce platform EZMall, backed by Essel Group.

Bansal will replace Nitin Mittal who was the founder CEO of Solv from 2018 to March of this year.

Solv is owned by British multinational banking and financial services company Standard Chartered. The company was incubated by SC Ventures, the innovation investment unit of Standard Chartered.

“With a wealth of experience in global retail market and India’s e-commerce and merchant ecosystem space, Amit is a natural fit for this role. India is a core market in our strategy to develop disruptive and transformational solutions for the MSME sector globally, and with Amit’s able leadership, I am confident of Solv making great strides towards empowering Indian MSMEs digitally and helping them simplify their growth journey,” said Jiten Arora, venture lead, Solv and member at SC Ventures in the statement.  

Solv works with medium, small and micro enterprises (MSMEs) connecting buyers to verified sellers on its platform, apart from providing on-demand working capital and term loans to these businesses.

“We are building Solv as a powerful enabler for the growth of Indian MSMEs. We are constantly working to unlock their boundless energy and passion for growth by building a technology backed ecosystem; an ecosystem where millions of micro and small entrepreneurs will converge and help each other grow,” said Amit Bansal, CEO of Solv, in the statement.  

The platform which was commercially launched in the fourth quarter of 2020 claims to work with over 50,000 verified MSMEs and claims to have seen 30% month-on-month growth in terms of Gross Transaction Value (GTV) over the last six months. The platform has processed Rs 250 crore of business to date, said the statement.

Solv operates in a space which has startups such as Moglix, OfBusiness and Infra.Market valued at over a billion dollars.