India has been witnessing many startups turn unicorns at a very quick pace. In recent news, CredAvenue has raised $137 million in its Series B fundraise led by Insight Partners, B Capital Group, Dragoneer, and existing investors turning it into the latest Indian unicorn.
After the funding round, its valuation reached $1.3 billion. It has become the fastest Indian fintech startup to join the billion-dollar club within 18 months of being established, the firm said in a statement.
With the funding, the startup plans to expand its business in India along with key global markets and will also deepen its technological capabilities.
Currently, CredAvenue claims to have facilitated debt funding of over Rs 90,000 crore to over 2,300 corporates with more than 750 participating on its platform, reported CNBC TV18.
CredAvenue is a marketplace that connects enterprises to lenders and investors. It also helps businesses and lenders to access primary as well as secondary bonds.
Currently, CredAvenue claims to have facilitated debt funding of over Rs 90,000 crore to over 2,300 corporates with more than 750 participating on its platform.
The company recently acquired Mumbai-based artificial intelligence and machine learning-powered debt recovery platform Spocto Solutions. With this, lenders on CredAvenue’s platform will be able to access underwriting and collection services as well on the same platform.
In an interview with Moneycontrol, CredAvenue founder and CEO Gaurav Kumar had said that they are looking at building the Spocto franchise globally. He stated that the company is already present in the Middle East and they are planning to take them to other markets.
The company recorded the revenue for the previous financial year at Rs 47 crore and saw its revenue grow to Rs 450 crore within the first six months of FY22.
