Fintech debt marketplace, CredAvenue that joined India's growing unicorn club of startups earlier this year, has made its second acquisition in software-as-a-service (SaaS)-based credit underwriting company, Corpository for Rs 100 crore.
CredAvenue’s - backed by investors such as Insight Partners and Sequoia Capital – acquisition of Corpository involves a combination of primary investment and secondary purchase from existing shareholders, the company said in a statement without disclosing financial details.
The acquisition will help all lenders on CredAvenue’s platform to evaluate and make lending decisions on the platform itself, thus reducing the time for lending processes.
"Corpository’s underwriting solution drastically cuts down the time needed to make a lending decision and also ensures that the lender stays on top of the developments at the borrowers’ end at every point in time," said Gaurav Kumar, Founder and CEO, CredAvenue.
In February, VCCircle reported that CredAvenue had acquired a 75% stake in Mumbai-based Spocto Solutions Pvt. Ltd, a collections solution provider in the debt management space.
Soon after the acquisition of Spocto, CredAvenue raised $137 million led by New York-based global private equity and venture capital firm Insight Partners, B Capital Group, and Dragoneer along with participation from existing investors. This fund raiser valued the company at $1.3 billion and propelled its entry into the much-desired unicorn club.
Unicorns are privately-held startups valued at over $1 billion.
Prior to this funding round, CredAvenue racked up $90 million in a funding round led by Sequoia Capital in September last year in the biggest Series A investment for an Indian company at that time.
This milestone was surpassed by the Series A funding of $200 million by Oxyzo Financial Solutions Pvt Ltd, the financing arm of OfBusiness, last month.
