Monday, May 23, 2022
HomeInsightFunding Alert Fintech startup CredAvenue raises $137 million, turns unicorn

[Funding alert] Fintech startup CredAvenue raises $137 million, turns unicorn

CredAvenue
Team CredAvenue

Chennai-based debt marketplace CredAvenue has raised $137 million in a Series B round of funding led by New York-based Insight Partners, B Capital Group and Dragoneer.

Existing investors, catapulted the company’s valuation to $1.3 billion. Nikhil Sachdev, managing director at Insight Partners, will join CredAvenue’s board as part of the deal.

The fintech startup said that funds will use to expand in India and into key global markets as well as make acquisitions.

“India’s debt market will go into hyper-growth mode over the next week years, provided digital debt infrastructure supports the growth, It’s the equivalent of the boom in India’s equity markets in the 1990s.” founder and CEO Gaurav Kumar said in an interview.

Founded in 2021 by Gaurav Kumar and Vineet Sukumar, CredAvenue is the only-of-its-kind debt platform globally, looking to revolutionise the segment.

“By leveraging a next-gen business intelligence and data-collection platform, CredAvenue enables efficient match-making and minimises manual and recurring efforts in underwriting, executing, and monitoring debt,” said Nikhil Sachdev, Managing Director of Insight Partners.

CredAvenue marketplace is leading to an empowerment of both mid and larger enterprises on one side, and growing a healthy loan book for the larger Banking ecosystem on the other. Having already processed transactions worth more than USD 9 Billion through the platform.

“At $1.9 trillion, the Indian debt market is still underserved. CredAvenue helps automate and increase efficiency across the value chain. This is reflected in the strong retention amongst borrowers and repeat deals with investors,” said Kabir Narang, founding general partner at B Capital Group.

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