Fintech Unicorn CredAvenue Acquires 82% Stake In SaaS Startup Corpository
- ByStartupStory | April 27, 2022
Fintech debt marketplace, CredAvenue, which joined India’s growing unicorn club of startups in 2022, has made its second acquisition in SaaS)-based credit underwriting company, Corpository for Rs 100 crore. CredAvenue is backed by investors such as Insight Partners and Sequoia Capital.
The new acquisition by the Fintech major now involves a combination of primary investment as well as secondary purchase from existing shareholders, the company said in a statement without disclosing any financial details.
The acquisition of Corpository will help all lenders on CredAvenue’s platform to make and evaluate lending decisions on the platform itself, thus significantly reducing the time for lending processes. “Corpository’s underwriting solution significantly cuts down the time needed to make a lending decision and ensures that the lender stays on top of all the developments at the borrowers’ end at every point in time,” said Gaurav Kumar, Chief Executive Officer, and Founder, CredAvenue.
In February 2022, media houses has reported that CredAvenue had acquired a 75% stake in Maharashtra-based Spocto Solutions Pvt. Ltd. Spocto Solution is a leading collections solution provider in the debt management space.
Following the acquisition of Spocto, CredAvenue raised USD 137 million, led by US-based global private equity and venture capital firm Insight Partners, B Capital Group, and Dragoneer along with participation from several existing investors. This fundraiser valued CredAvenue at $1.3 billion and marked its entry into the much-desired and elite unicorn club.
Prior to this funding round, CredAvenue had racked up USD 90 million in a funding round led by Sequoia Capital in September 2021 in, the most extensive Series A investment for an Indian company at that time.
This milestone was later surpassed by the Series A funding of USD 200 million by Oxyzo Financial Solutions Pvt Ltd, the financing arm of OfBusiness, in March 2022
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