CredAvenue creates a technology development center in Bangalore
BENGALURU: The CredAvenue debt platform has announced that it has set up its new technology development center in Bangalore. Serving primarily the technological needs of the business, the center will house a workforce of 200 employees by fiscal year 2022-2023, representing nearly 30% of CredAvenue’s overall strength in India.
Areas of interest for hiring on the technology team include engineering, products, design, data science, and data engineering, to name a few. The company has offices in Chennai, Mumbai and Delhi with a combined workforce of 345, respectively.
The Bengaluru center will immediately house the market, mobile engineering, loans and user platform teams.
“CredAvenue is one of the first debt platforms of its kind in the world. Our platform currently serves over 1,000 issuers, 200 investors and has resulted in a debt flow of $ 8 billion to date. Our goal is to create an unmatched, scalable, category-building technology platform. As we move forward to achieve our goal, the Bengaluru office will serve as the hub for CredAvenue’s technology efforts, ”said Gaurav Kumar, Founder and CEO of CredAvenue.
The expansion follows CredAvenue raising $ 90 million in equity 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 around $ 410 million.
CredAvenue plans to evolve its platform by deploying cutting-edge technologies such as data science, machine learning and artificial intelligence in the coming months. With this in mind, the company has a strong focus on acquiring independent industry talent in core technology areas including data engineering, AI-ML, data science and analytics, data security. data, product management, deep integration, platform architecture, he said in a statement.
CredAvenue plans to double its overall workforce to 700 by the end of FY22. The company also anticipates global expansion and inorganic growth through strategic acquisitions.
The company currently has a portfolio of five platforms: a corporate term loan solution, CredLoan; CredCoLend origination platform; bond issuance and investment platform, Plutus; trade finance portal, CredSCF and securitization and portfolio buyback solution, CredPool.
Currently, CredAvenue serves over 1,500 businesses, with over 750 lenders having facilitated debt volumes of over ??65,000 crore on its platforms.
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