India’s CredAvenue hits unicorn status with $137m Series B round
Indian capital access platform CredAvenue has achieved unicorn status following a $137 million Series B raise.
CredAvenue is now valued at $1.3bn
The funding round, led by Insight Partners, B Capital Group and Dragoneer Investment Group, pegs the fintech at a $1.3 billion post-money valuation.
It follows a $90 million Series A round in September 2021 led by Sequoia Capital, Lightspeed Ventures, TVS Capital and Lightrock, who all returned for the Series B.
The Chennai-headquartered debt market platform said at the time the raise was the largest Series A round in Indian history.
CredAvenue will use the cash to invest in artificial intelligence, machine learning and data analytics solutions. Some of the funds will also go towards building out the firm’s collection infrastructure.
Post-investment, Insight Partners managing director Nikhil Sachdev will join CredAvenue’s company board.
The fintech’s goal is to transform debt markets globally, starting with India, by deepening access to capital for the growing enterprise sector and unlocking economic growth.
The start-up claims more than 2,300 corporate customers, connecting them to more than 750 lenders.
