After a raise of $137 million, CredAvenue turns Unicorn
- ByStartupStory | March 7, 2022
CredAvenue, an enterprise debt marketplace, raises a $137-million in a round led by New York-based venture capital and Insight Partners, a private equity firm at a valuation of $1.3 billion. Besides existing investors Sequoia Capital, Lightspeed Ventures, TVS Capital and Lightrock, new investors B Capital group, and Dragoneer, also participated in the round.
With this round, the latest to join the unicorn club is the fintech startup, which connects enterprises with banks and other lenders. In a Series A round led by Sequoia Capital, it raised a $90 million in September.
Founded in 2017 by Founded in 2017 by Gaurav Kumar and Vineet Sukumar, Chennai-based CredAvenue offers five platforms so as to cater to the requirements of both borrowers and investors, including a term loan and working capital offering for enterprises- CredLoan; a co-lending platform for non-banks and banks- CredCoLend; a bond issuance and investment platform for institutional and retail investors- Plutus; a trade financing platform; and CredPool for end-to-end securitization and portfolio buyouts- CredSCF.
As a SaaS offering to borrowers and lenders, it also offers portfolio management and monitoring services too. More than 2,300 corporates and 750 lenders are included as the client base of the company.. It claims to have so far facilitated debt of Over ₹90,000 crore of facilitated debt has been claimed so by the company.
The capital has been intended by CredAvenue to be used in order to expand its business and acquire companies. Recently it has acquired a digital collections firm with a global footprint- Spocto. The technological capabilities has also been planned to be enhanced by CredAvenue.
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