Debt marketplace CredAvenue, which helps businesses and enterprises secure debt from lenders, has become the fastest Indian fintech startup to join the unicorn club, it said on Sunday.
The two-year-old startup has raised a $137 million Series B financing round led by Insight Partners, B Capital Group and Dragoneer, it said. The round values CredAvenue, which was founded by Vivriti Capital co-founder Gaurav Kumar, at $1.3 billion, up from about about $410 million in September last year, it said.
The startup, which counts Sequoia Capital India, Lightspeed Venture Partners, TVS Capital, Lightrock and Indian fintech CRED among its backers, has raised over $227 million to date.
Businesses face scores of challenges — including opacity about interest rates and market evaluation — when they need to raise debt.
“This is my fourth startup and I have spent over 16 years in the lending space,” said Kumar, in an interview with TechCrunch. “The deepening in the debt market is not happening.”
CredAvenue has built what it says is India’s most comprehensive technology stack to meet business’…