CredAvenue enters unicorn club as valuation triples to $1.3 bn in 6 months
- IBEF
- March 7, 2022
CredAvenue, an online loan marketplace, has raised US$ 137 million in its Series B fundraising round, making it the ninth unicorn of 2022. The financial start-up announced that its valuation has risen to US$ 1.3 billion, more than tripling in just six months. With involvement from existing investors, the fundraising was spearheaded by Insight Partners, worldwide private equity and venture capital firm based in New York, B Capital Group, and Dragoneer.
Mr. Gaurav Kumar, Founder and CEO of CredAvenue, 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.” The funds will be used to organically and inorganically expand the company's business in India and other key worldwide markets by purchasing diversified companies for forward and backward services and product integration.
The debt market claims to have reached a new milestone, with a total Gross Turnover Volume (GTV) of more than US$ 12 billion. It presently has more than 2,300 corporates, 750 lenders on its platform and has handled loan volumes of over Rs 90,000 crores (US$ 11.68 billion).
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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