- CredAvenue recently announced it raised $137 million in funding at a $1.3 billion valuation. These are the details.
Chennai, India-based CredAvenue recently announced it raised $137 million in funding at a $1.3 billion valuation. This round of funding was led by Insight Partners at a valuation of $1.3 billion. New investors B Capital Group and Dragoneer existing investors Sequoia Capital, Lightspeed Ventures, TVS Capital, and Lightrock also participated in the round.
CredAvenue is known for offering 5 platforms:
Gaurav Kumar, founder and chief executive, CredAvenue, noted that the company expects hyper-growth over the next few years, according to LiveMint. CredAvenue plans to use the capital to expand its business and acquire companies. The company recently acquired Spocto, a digital collections firm with a global footprint. Plus CredAvenue will also enhance its technological capabilities.
Insight Partners managing director Nikhil Sachdev will join CredAvenue’s board.
KEY QUOTES:
“By leveraging a next-gen business intelligence and data-collection platform, CredAvenue enables efficient match-making and minimizes manual and recurring efforts in underwriting, executing and monitoring debt.”
— Insight Partners managing director Nikhil Sachdev
“Debt in India is still under-penetrated as a percentage of gross domestic product at about 60%. This creates a massive opportunity for a leading player like CredAvenue. At $1.9 trillion, the Indian debt market is still underserved. CredAvenue will help automate and increase efficiency.”
— Kabir Narang, founding general partner, B Capital Group
