MUMBAI :
Enterprise debt market CredAvenue raised a $137-million spherical led by New York-based enterprise capital and personal fairness agency Perception Companions at a valuation of $1.3 billion. New buyers B Capital Group, and Dragoneer, in addition to present buyers Sequoia Capital, Lightspeed Ventures, TVS Capital and Lightrock, additionally participated within the spherical.
With this spherical, the fintech startup, which connects enterprises with banks and different lenders, is the most recent to hitch the unicorn membership. In September, it raised a $90-million Collection A spherical led by Sequoia Capital.
Based in 2017, Chennai-based CredAvenue provides 5 platforms to cater to the necessities of each debtors and buyers, together with CredLoan, a time period mortgage and dealing capital providing for enterprises; CredCoLend, a co-lending platform for non-banks and banks; Plutus, a bond issuance and funding platform for institutional and retail buyers; CredSCF, a commerce financing platform; and CredPool for end-to-end securitization and portfolio buyouts. It additionally provides portfolio administration and monitoring companies as a SaaS providing to debtors and lenders. The corporate’s consumer base contains greater than 2,300 corporates and 750 lenders. It claims to have to this point facilitated debt of over ₹90,000 crore.
Gaurav Kumar, founder and chief govt, CredAvenue, mentioned the corporate expects a hyper-growth journey over the subsequent few years. Indian debt markets are on the cusp of transformation much like the fairness markets within the Nineteen Nineties, he added. “We’re paving the best way for India’s debt market to appreciate its full potential.”
CredAvenue intends to make use of the capital to broaden its enterprise and purchase firms. It lately acquired Spocto, a digital collections agency with a world footprint. CredAvenue may also improve its technological capabilities.
As a part of the latest transaction, Nikhil Sachdev, managing director, Perception Companions, will be a part of CredAvenue’s board. “By leveraging a next-gen enterprise intelligence and data-collection platform, CredAvenue allows environment friendly match-making and minimizes handbook and recurring efforts in underwriting, executing and monitoring debt,” mentioned Sachdev.
“Debt in India remains to be under-penetrated as a share of gross home product at about 60%. This creates a large alternative for a number one participant like CredAvenue,” Kabir Narang, founding common associate, B Capital Group, mentioned. “At $1.9 trillion, the Indian debt market remains to be underserved. CredAvenue will assist automate and enhance effectivity,” Narang added.
Supply: Live Mint