Debt platform CredAvenue raises $90m in Series A funding round
Capital access platform CredAvenue has closed a $90 million Series A round, in what it says is the largest Series A round in Indian history.
The funding round, which values the company at around $410 million, was led by Sequoia Capital India with Lightspeed, TVS Capital Funds and Lightrock India as co-leads. The round also saw participation from CRED and Stride Ventures.
The Chennai-based fintech says it has facilitated transactions worth approximately $9 billion, worked with over 1,500 institutional borrowers and over 750 investors, with over one million end retail borrowers.
The funds will go towards expanding the product range and enhancing the platform’s tech and data science infrastructure, with significant investments in data science, machine learning and artificial intelligence in the pipeline in order to transform the platform from assisted to self-service.
CredAvenue’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 debt market platform expects to double its workforce to 700 by the end of 2022 and is eyeing global expansion through strategic acquisitions.
CredAvenue founder and CEO, Gaurav Kumar, says: “We are the only enterprise debt platform offering all forms of debt, both in India and globally and this reflects in the scale of business done by our platform since inception.”