Chennai-headquartered debt marketplace for enterprises CredAvenue announced that it has raised $137 million in a Series B round of funding, catapulting it to the famed startup unicorn club. The round, led by Insight Partners, B Capital Group and Dragoneer Investment Group, valued the company at $1.3 billion post-money, a 3X jump from its $410-million valuation in September 2021.
Returning investors also participated in the round. CredAvenue had raised $90 million in its Series A round led by Sequoia Capital, Lightspeed Ventures, TVS Capital and Lightrock.
He added that the startup will utilise the capital to build on its collection infrastructure. In February, the company had acquired a majority stake in digital collection solution provider spocto. The fresh capital will also be used to expand Spocto’s international presence beyond Middle East Asia and India organically and inorganically.