CredAvenue turns unicorn

CredAvenue which is an online debt marketplace company has recently achieved the status of Unicron. A company or startup is said to achieve the status of Unicorn when its valuation reaches 1 billion dollars. CredAvenue was able to achieve the status of Unicron as it raised $ 137 million in the latest funding round. The latest funding round of CredAvenue was led by B capital group, Dragoneer, and New York based Insight partners. Kabir Narang, founding general partner at B Capital Group after the investment said: “At $1.9 trillion, the Indian debt market is still underserved. CredAvenue helps automate and increase efficiency across the value chain. This is reflected in the strong retention amongst borrowers and repeat deals with investors." The valuation of CredAvenue now stands at $1.3 billion. As a part of the deal, Managing Director of Insight partners Nikhil Sachdev will also join the board of CredAvenue. Prior to CredAvenue, other Indian startups such as Mamaearth, Fractal, Lead School, Elastic Run, and Livspace have also turned Unicorn this year.