CredAvenue joins Indian unicorn club

CredAvenue, which helps businesses and entrepreneurs secure debt from lenders, has secured $137m in Series B funding, making it the fastest Indian FinTech startup to join the unicorn club.

According to a report by TechCrunch, the round was led by Insight Partners, B Capital Group and Dragoneer and brings the company’s valuation to $1.3bn, up from approximately $410m in September last year.

CredAvenue has built what it says is India’s most comprehensive technology stack to meet business’ complete debt cycle from disbursal to collections.

It operates platforms for giving loans and working capital solutions to enterprises, for banks and non-banking financial institutions to partner for co-lending, and to help institutional and retail participants for bond issuance. Additionally, it also offers trade financing and end-to-end securitisation and portfolio buyouts.

CredAvenue said it plans to deploy the funding to expand its business in India and is also looking to acquire companies to fuel its growth. The company recently acquired a collection startup called Spocto.

Gaurav Kumar, co-founder of CredAvenue, said, “If you’re an enterprise and prefer direct finance, you can come to our loan stack, bond stack and ABS stack. If you have an indirect financing needs, you can set yourself on the co-ending platform and bring your retail customers. Our customers are any enterprise with revenue of more than $1.3m.

“Once a partner — whether it’s a bank on the lender side or a borrower — integrates with us on our operating system, you get access to everyone sitting on our network. At the core, our offering is about interoperability. We are paving the way for India’s debt market to realise its full potential, and we plan to soon being a leading player in the global debt markets with our unique and diversified product suites.”

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