Debt platform, CredAvenue sets up Tech Development Centre in Bengaluru; to increase headcount by 250
- Aims to double its current technology talent base by FY22
- Platform aims to grow 10x on the enterprise side in the next 12 – 18 months
- CredAvenue recently raised USD 90mn in a Series A funding round at a valuation of USD 410 mn
Bengaluru: Debt Platform, CredAvenue, today announced the inauguration of its technology development centre in Bengaluru. Primarily catering to the firm’s technology requirements, the centre will house a 200-employee strong workforce by FY23 that will form close to 30% of CredAvenue’s overall strength in India. The focus areas for hiring within the technology team include Engineering, Product, Design, QA, SDET, Data Science and Data Engineering.
The firm has offices in Chennai, Mumbai and Delhi with an employee strength of 275, 60 and 10 in each, respectively. CredAvenue aims to hire 200 technology experts at the Bengaluru technology centre by FY23. The Bengaluru centre will house the Marketplace, Mobile Engineering, Loans and User Platform teams in the immediate term. On a high-growth trajectory over the last year, the firm intends on setting up multiple pods under other areas in the future to accelerate its momentum further.
CredAvenue plans to evolve its platform by deploying cutting-edge technologies like data science, machine learning, and artificial intelligence in the coming few months. In line with this, the firm is heavily focusing on acquiring domain-agnostic talent in core technology areas, including data engineering, AI-ML, data science and analytics, data security, product management, deep integration, platform architecture and software engineering. It already houses one of the most advanced data science teams in the country.
Gaurav Kumar, Founder & CEO, CredAvenue, said, “CredAvenue is one of the first of its kind debt platform globally. Our platform currently services 1000+ issuers, 200 investors and has enabled a debt flow of USD 8bn to date. Our objective is to create a technology platform that is unmatched, scalable and a category creator. As we march ahead to meet our objective, the Bengaluru office will serve as the nerve centre for the technology efforts at CredAvenue. The tech talent that will join us in the process will be category creators, possibly creating a global concept that the world will adopt in the years to come.”
CredAvenue comprises over 350 employees spanning different verticals – technology, sales, marketing, strategy, and HR. It expects to double its headcount to 700 by the end of FY22. The company also plans on global expansion and inorganic growth through strategic acquisitions.
The firm recently raised USD 90mn in India, the largest ever series A funding round by a startup. The round was led by Sequoia Capital India and co-led by Lightspeed, TVS Capital Funds, Lightrock and others. At the Series A fundraise, the firm was valued at USD 410 mn.
CredAvenue’s goal is to transform the debt markets globally, starting with India, by deepening access to capital for the growing enterprise sector to unlock significant economic growth. It does this by doing three things. First, creating a transparent marketplace for financial services firms on one side and enterprises on the other side to discover lending and borrowing opportunities. Second, developing a robust product suite and credit rating mechanism to enable stakeholders to find an appropriate product-risk fit and, last, creating a robust and low friction UX that not only automates the execution of the transaction but also offers continuous portfolio monitoring.
The company has already achieved market leadership across various debt categories, including co-lending, loans, and bonds, by simplifying access and servicing and helping consumers seamlessly navigate multiple offerings through a single portal.