CredAvenue becomes the fastest fintech startup to turn unicorn in India
By MYBRANDBOOK
CredAvenue has raised $137 million in a Series B round led by Insight Partners, B Capital Group, and Dragoneer, valuing the online debt marketplace at $1.3 billion within 18 months of formation, the fastest a fintech startup has turned a unicorn in the country.
It plans to use the funds to expand its business in India along with key global markets and will also deepen its technological capabilities. The platform has over 2,300 corporates and 750 lenders as clients and has facilitated debt volumes of over Rs 90,000 crore.
CredAvenue acts as a marketplace to connect enterprises to lenders and investors. It also helps businesses and lenders to access primary as well as secondary bonds. It helps firms to access the debt market to raise funds, secure loans and also helps banks and non-banking finance companies to lend as well as track the loans.
The startup will be looking at adding capabilities in the credit SaaS (software as a service) space on both the retail and the enterprise side. It also sees an opportunity in growing the supply chain financing vertical.
CredAvenue founder and CEO Gaurav Kumar had said, “We are looking at building the Spocto franchise globally, the company is already present in the Middle East and we plan to take them to other markets.”
The company recently acquired Mumbai-based artificial intelligence and machine learning-powered debt recovery platform Spocto Solutions for around $46-56 million which will help lenders on CredAvenue’s platform to be able to access underwriting and collection services as well on the same platform.
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