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CredAvenue sets up technology development centre in Bengaluru

BENGALURU: Debt platform CredAvenue said it has set up its new technology development centre in Bengaluru. Primarily catering to the firm’s technology requirements, the centre will house a 200-employee strong workforce by financial year 2022-23, accounting for close to 30% of CredAvenue’s overall strength in India.

The focus areas for hiring within the technology team include engineering, product, design, data science and data engineering to name a few. The compnay has offices in Chennai, Mumbai and Delhi with an combined employee strength of 345, respectively.

The Bengaluru centre will house the marketplace, mobile engineering, loans and user platform teams in the immediate term.

“CredAvenue is one of the first of its kind debt platforms globally. Our platform currently services over 1000 issuers, 200 investors and has enabled a debt flow of $8 billion 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,” said Gaurav Kumar, founder & chief executive officer, CredAvenue.

The expansion comes on the heels of CredAvenue raising $90 million in equity capital in a funding round led by Sequoia Capital, and co-led by Lightspeed, TVS Capital Funds, Lightrock and others. The funding valued the company at approximately $410 million.

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, it said in a statement.

CredAvenue expects to double its overall headcount to 700 by the end of FY22. The company also plans on global expansion and inorganic growth through strategic acquisitions.

The company currently has a portfolio of five platforms – term lending enterprise solution, CredLoan; origination platform CredCoLend; bond issuance and investment platform, Plutus; trade financing portal, CredSCF and securitisation and portfolio buyout solution, CredPool.

At present, CredAvenue serves over 1,500 corporates, with more than 750 lenders having facilitated debt volumes of over ₹65,000 crore across its platforms.

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