Sequoia-backed fintech firm turns unicorn with $137m round

CredAvenue, an enterprise-focused debt marketplace, is the latest Indian startup to become a unicorn, raising US$137 million in a series B round led by Insight Partners, B Capital Group, and Dragoneer Investment Group. CredAvenue’s existing investors also participated.

The latest round values CredAvenue at US$1.3 billion.

Photo credit: CredAvenue

CredAvenue’s marketplace connects enterprises with lenders and investors. Its platform has more than 2,300 businesses and over 750 lenders. The firm has facilitated the lending of 900 billion rupees (US$11 billion) to date.

The startup was founded in 2020 by Gaurav Kumar and Vineet Sukumar.

CredAvenue plans to use the funds to expand its business in India and global markets, both organically and inorganically. It also plans to improve its tech capabilities by investing in AI, machine learning, and data analytics.

“At US$1.9 trillion, the Indian debt market is still underserved. CredAvenue helps automate and increase efficiency across the value chain,” Insight Partners managing director Nikhil Sachdev said in a statement.

Last September, CredAvenue raised US$90 million in a Sequoia Capital India-led series A round, where Lightspeed Ventures, TVS Capital Funds, Lightrock, Cred, and Stride Ventures also participated.

See also: A list of India’s unicorns and their early investors (Updated)

Currency converted from Indian rupee to US dollar: US$1 = 75.51 rupees.