India-based CredAvenue has secured $137m in a Series B round that gives the online debt marketplace a valuation of $1.3bn.
With the fundraise, the start-up becomes the latest Indian start-up to join the unicorn club this year.
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According to local publication Moneycontrol, the funding round was led by Insight Partners, B Capital Group, and Dragoneer.
The company’s existing investors also participated.
In the previous round in September 2021, CredAvenue raised $90m.
CredAvenue, which connects enterprises to lenders and investors, plans to use the proceeds to further expand in the country as well as foray into global markets.
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By GlobalDataIt will also use the funds to bolster its platform and enhance its offerings.
Currently, the platform counts more than 2,300 corporates and 750 lenders as clients.
Insight Partners managing director Nikhil Sachdev said: “By leveraging a next-gen business intelligence and data-collection platform, CredAvenue enables efficient match-making and minimises manual and recurring efforts in underwriting, executing, and monitoring debt.”
CredAvenue founder and CEO Gaurav Kumar said: “CredAvenue, which has a solution for every stage of the debt product life cycle, expect to catapult on a hyper-growth trajectory over the next few years to make a difference for all Indian debt market participants and bring unprecedented transformation, akin to the equity markets of the 1990s, to the way a typical debt lifecycle is handled in India.”
