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CredAvenue turns unicorn with a fresh $137 mn fund raise

CredAvenue turns unicorn with a fresh $137 mn fund raise

The valuation of the Chennai-based start-up has zoomed to $1.3 billion, nearly 3X jump from $410 million valuation in September last year

Fintech startup, CredAvneue has turned unicorn with a fresh $137 million funds raise n Fintech startup, CredAvneue has turned unicorn with a fresh $137 million funds raise n

Fintech start-up CredAvenue has raised $137 million in a Series B round led by Insight Partners, B Capital Group and Dragoneer. The valuation of the Chennai-based start-up has zoomed to $1.3 billion, nearly 3X jump from $410 million valuation in September last year. The company claimed in a statement that it is the fastest fintech unicorn which has been able to reach $1 billion valuation in nearly 18 months since the company was founded.

The cumulative capital raised by the company is now over $200 million.

CredAvenue said that it plans to use the funds for its operations in India and overseas as well as build technology solutions. The fintech firm has been partnering with various financial institutions and provide full stack technology solutions to meet complete debt cycle from disbursal to collections.

The company claims to be India’s leading enterprise debt marketplace that connects enterprises with lenders and investors. It is a global pioneer that aims to revolutionise and deepen debt markets and is the only one of its kind in the world to provide a comprehensive debt product suite to all its borrowers.

Additionally, the firm also offers portfolio management and monitoring services as a SaaS offering to its borrowers and lenders.

CredAvenue currently has over 1500 Corporates, 750 Lenders and has facilitated debt volumes of over Rs 65,000 crore. CredAvenue said it is an organisation on a mission to deepen and power the $120 trillion global enterprise debt market to unlock a GDP multiplier and create massive economic value.

 

Published on: Mar 07, 2022, 11:22 AM IST
Posted by: Bismah Malik, Mar 07, 2022, 11:16 AM IST