CredAvenue the Indian-based fintech startup raised US $137 million for its Series B funding on 6th March 2022.
According to the company, Insight Partners, B Capital Group, and Dragoneer led the US $137 million Series B financing round for the two-year-old startup. CredAvenue, co-founded by Vivriti Capital co-founder Gaurav Kumar, is now valued at US $1.3 billion, up from US $410 million in September.
Sequoia Capital India, Lightspeed Venture Partners, TVS Capital, Lightrock, Vivriti Capital, and Indian fintech CRED are among the company’s investors. It has raised more than $227 million so far.
What the founder has to say:
“If you’re a business looking for direct financing, check out our loan, bond, and ABS stacks. You can put yourself up on the co-ending platform and bring your retail clients if you need indirect financing. Any company with a revenue of more than US $1.3 million qualifies as one of our clients.”
“Once a partner integrates with us on our operating system — whether it’s a bank on the lender side or a borrower — you have access to everyone on our network.” Interoperability is at the heart of our product. With our distinctive and broad product suites, we are paving the way for India’s debt market to reach its full potential, and we hope to soon be a key player in the global debt markets.”
-Co-founder Gaurav Kumar:
What the investors have to say:
“CredAvenue’s value proposition of bringing investors and borrowers together in a single-window ecosystem to discover, facilitate, and track debt solutions excites us. I’ve known Gaurav for several years, and it’s thrilling to be a part of the talented team that is digitizing India’s debt markets. India’s debt is still under-penetrated as a percentage of GDP, at 60%”.
-Kabir Narang, Founding General Partner at B Capital Group, said,
About CredAvenue:
Founded in 2020, CredAvenue claims to have constructed India’s most comprehensive technological stack to fulfill a company’s whole debt cycle, from disbursal through collections.
It runs platforms for providing term loans and working capital solutions to businesses, as well as an origination platform that allows banks and non-banking financial institutions to collaborate on co-lending and a bond platform that assists institutional and retail investors with bond issuance. It also provides trade finance, as well as end-to-end securitization and portfolio buyouts.
CredAvenue has facilitated loans totaling more than US $10.5 billion. According to him, the platform has over 2,300 corporates, 450 businesses, and 750 lenders. The startup intends to use the new capital to expand its business in India, as well as to acquire companies to help it grow in an inorganic way.
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