Spocto Solutions, a Mumbai-based firm, was owned by CredAvenue for $46-56 million
- ByStartupStory | February 15, 2022
CredAvenue, a debt marketplace business, has completed its first acquisition just four months after collecting $90 million in one of the largest Series A equity deals in the startup world.
The business has purchased a 75.1 per cent share in Spocto Solutions, a Mumbai-based artificial intelligence and machine learning-powered debt collection platform, in order to provide extra functionality to its customer banks and institutions in addition to a marketplace.
Spocto was formed in 2016 by Sumeet Srivastava and Puja Srivastava, two former General Electric executives, and now manages $50 billion in assets for 37 customers.
CredAvenue intends to buy the remaining 25% ownership in Spocto over the next five years, as well as spend an additional $80 to 120 million in the company, according to founder and CEO of CredAvenue Gaurav Kumar.
CredAvenue is projected to join the unicorn club with its next fundraise, with a valuation of over $1 billion, after raising $410 million in its prior round.
Borrowers and lenders can use CredAvenue’s portfolio management and monitoring services. The platform has around 2300 corporate clients and 750 lenders and has enabled over Rs 90,000 crore in debt.
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