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.
Singapore to remove One-Time Passwords from Bank Accounts
According to the Monetary Authority of Singapore, clients who utilise secur...
Is 375 million Airtel subscribers database breached?
When a hacker claims to have accessed and put up for sale a customer databa...
The government of India intends to construct a single portal f
A single portal will be launched by the Indian government to list all of it...
OpenAI offers GPT-4o, a faster model available to all users at
GPT-4o, a faster and more sophisticated AI model, is made available to all...
ICONS OF INDIA : S KRISHNAN
S Krishnan as the secretary for the electronics and information techno...
Icons Of India : Puneet Chandok
Puneet Chandok is President, Microsoft India & South Asia and is respo...
Icons Of India : NEERAJ MITTAL
He started his career as an IAS Officer in 1992. He has held various a...
GSTN - Goods and Services Tax Network
GSTN provides shared IT infrastructure and service to both central and...
LIC - Life Insurance Corporation of India
LIC is the largest state-owned life insurance company in India...
EESL - Energy Efficiency Services Limited
EESL is uniquely positioned in India’s energy sector to address ener...
Indian Tech Talent Excelling The Tech World - Dheeraj Pandey, CEO, DevRev
Dheeraj Pandey, Co-founder and CEO at DevRev , has a remarkable journe...
Indian Tech Talent Excelling The Tech World - NEAL MOHAN, CEO - Youtube
Neal Mohan, the CEO of YouTube, has a bold vision for the platform’s...
Indian Tech Talent Excelling The Tech World - Lal Karsanbhai, President & CEO, Emerson
Lal Karsanbhai, President and CEO of Emerson, assumed the leadership i...