CredAvenue, a debt marketplace, has purchased a majority stake in Corpository, a full-stack corporate credit underwriting firm, for Rs 100 crore.
All lenders on CredAvenue’s platform will be able to analyse and make loan choices on the platform as a result of this purchase, minimise time for the process. This is CredAvenue’s second acquisition since declaring a majority investment in Spocto a few months ago.
Corpository’s service would also assist lenders stay informed about what’s going on with their borrowers. Corpository’s SaaS-based tools aid in the evaluation, underwriting, and monitoring of corporate credits by utilising publicly available data from more than 50 sources, including the MCA, credit ratings, GST filings, and litigation data, to name a few.
Today, the firm offers credit information on over 2.5 million Indian businesses, as well as RBI-compliant portfolio monitoring alerts, credit life cycle solutions for lenders, and predictive analytics. It was founded in 2016 and leverages technologies including optical character recognition (OCR), machine learning (ML), artificial intelligence (AI), pattern recognition, and robotic process automation (RPA) to provide insights.
Posted by Next Big Brand on Tuesday, April 26, 2022
CredAvenue will obtain the majority of the stock from existing owners through a combination of primary and secondary investments.
“We aim to continue on the growth route in the debt industry and sharpen the processes for ease of use through technology. We are a lender-first platform and are looking at leveraging the strengths of Corpository’s SaaS-based platform to help lenders stay ahead of the curve by enabling them to evaluate and underwrite a company from within the platform seamlessly. 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,” stated Gaurav Kumar, Founder and CEO of CredAvenue.
Corpository Co-founder Aniket Shah shared, “CredAvenue is a perfect partner in growth for us. With this, CredAvenue has opened a great channel for us to reach out to the lending ecosystem and transform credit-based decision making through solid, data-based insights. This partnership will not only bring in access to growth capital but will fast track our product roadmap to become the most holistic Credit Risk evaluation & monitoring platform.”
Since its start, CredAvenue has facilitated debt amounts of over 35,000 crore with over 3,000 corporates and 750 lenders. CredAvenue is on a mission to unlock a GDP multiplier and create huge economic value by extending and fueling the $120 trillion global enterprise debt market.
