CredAvenue, an online debt marketplace, has become another Unicorn of 2022 after raising $137 million in a Series B funding round. The company said that ━ it is now valued at $1.3 billion, more than tripling its valuation in just six months, making it India’s fastest fintech unicorn.
The funding was led by New York-based global private equity and venture capital firm Insight Partners ━ B Capital Group and Dragoneer ━ with participation from existing partners.
In September last year, the valuation of the Chennai-headquartered fintech had closed at $90 million in a Series A funding round led by Sequoia Capital India and co-led by Lightspeed, TVS Capital Funds, and Lightrock. That equity funding has valued the company at approximately $410 million, as per the reports.
Gaurav Kumar, Founder, and CEO of the fintech startup said, ━ “We have a once-in-a-lifetime opportunity to transform the global debt and collections market through a combination of the marketplace, operating system, and fulfillment.
“CredAvenue, which has a solution for every stage of the debt product life cycle, expect to catapult on a hyper-growth trajectory over the next few years to make a difference for all Indian debt market participation and bring unprecedented transformation, akin to the equity markets of the 1990s, to the way a typical debt lifecycle is handled in India”, he added.
The company intends to use the fund to extend the business in India along with the key global market. It has broadened its offering by recently acquiring Spacto, a collection company with global footprints.
With this, CredAvenue also has plans to use the funds to enhance its technologies capabilities by investing in technology, AI-ML, and data analytics.
The company has already achieved incredible growth in less time. “We look forward to partnering with CredAvenue as they continue to scale up,” ━ said Nikhil Sachdeva, Managing Director of Insight Partners.