India-based debt marketplace and Vivriti Capital Private Limited (VCPL)-subsidiary CredAvenue has closed a $90m Series A equity funding round.
Several investors participated in the funding round including Sequoia Growth Investments, Lightspeed India Partners III, TVS Shriram Growth Fund III and Lightstone Global Fund among others.
Go deeper with GlobalData
Following the fundraising, VCPL will hold 58.5% majority stake in CredAvenue. Chicago-based Creation Investments is the parent company of Vivriti.
The company will use the proceeds to further expand its debt platform. CredAvenue also plans to double its headcount to 700 by March next year.
CredAvenue CEO Gaurav Kumar said: “Our latest funding is a vote of confidence in our business model from some of the savviest investors in India.
“The additional capital allows us to expand our debt platform to meet the needs of many more people here.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataIncorporated in 2017, CredAvenue platform helps businesses to connect with lenders. The marketplace is said to link more than 500 Indian lenders and around 1,000 enterprises.
It also provides due diligence, deal execution, risk management and portfolio monitoring solutions.
Since 2017, CredAvenue has facilitated more than INR550bn ($7.41bn) of debt.
Creation Investments managing partner Patrick Fisher said: “We are very excited to see our investment in Vivitri and its subsidiary CredAvenue making a difference for those at the bottom of the economic pyramid in India.”
