BENGALURU: Debt marketplace CredAvenue is the 11th start-up to enter the unicorn club in 2022, with a Series B funding round of $137 million. The round was led by New York-based global private equity and VC firm Insight Partners, B Capital Group and Dragoneer. Existing investors too participated in the latest round. The fintech company is now valued at $1.3 billion.
The start-up will use the funds to expand the business in India along with key global markets, organically and inorganically, by acquiring diverse companies for the forward and backward services and products integration.
“We are paving the way for India’s debt market to realise its full potential, and we plan to soon be a leading player in the global debt markets with our diversified product suites,” Gaurav Kumar, Founder & CEO, CredAvenue said.
Recently, the company acquired Spocto, a collect-tech company. It will also use the funds to enhance its technological capabilities by investing in deep technology innovations, AI, ML, and data analytics.
The start-up recently clocked over $12 billion in a cumulative Gross Turnover Volume (GTV).
Kabir Narang, Founding General Partner, B Capital Group said, “Debt in India is still under-penetrated as a percentage of GDP at 60%. This creates a massive opportunity for CredAvenue.” “At $1.9 trillion, the Indian debt market is still underserved. CredAvenue helps automate and increase efficiency across the value chain.”