Indian fintech CredAvenue helps mid-size and larger businesses find loans.
Chennai-based fintech startup CredAvenue raised $137 million its Series B funding round, gaining the two-year-old startup unicorn status at a $1.3 billion valuation.
The round was led by Singapore’s Eduardo Saverin’s B Capital, San Francisco-based Dragoneer and New York-based private equity firm Insight Partners.
Through its online platform and matchmaking algorithm, CredAvenue provides mid and larger businesses with the most suitable and ideal debt options.
The company has over 500 lenders employing its debt platform, including Indian banks such as Federal Bank, ICICI Bank and Union Bank of India, and powers over 100,000 transactions daily, according to its website.
CredAvenue’s founder and CEO Gaurav Kumar is a serial finance entrepreneur. Prior to CredAvenue, he founded Vivriti Capital and Northern Arc Capital, both also debt platform services.
In September last year, the company raised $90 million in a Series A funding round led by Sequoia Capital India and co-led by Menlo Park-based Lightspeed, Chennai-based TVS Capital Funds, London private equity platform Lightrock and others.
Source: https://www.forbes.com/sites/simranvaswani/2022/03/07/sequoia-backed-indian-fintech-startup-credavenue-becomes-unicorn-with-137-million-investment/