Debt Platform, CredAvenue, has announced the inauguration of its technology development centre in Bengaluru. The company said the new centre will cater to the firm’s technology requirements, and will eventually house a 200-employee strong workforce by FY23 that will form close to 30 per cent of CredAvenue’s overall strength in India.
The centre’s technology team would include engineering, product, design, quality assurance, 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. The Bengaluru centre will house the marketplace, mobile engineering, loans and user platform teams in the immediate term, it added in a release.
Plans to evolve
CredAvenue plans to evolve its platform by deploying technologies like data science, machine learning, and artificial intelligence in the coming few months. In line with this, the firm said it 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.
Gaurav Kumar, Founder & CEO, CredAvenue, said, “CredAvenue is one of the first of its kind debt platform. Our platform currently services 1,000+ issuers, 200 investors and has enabled a debt flow of $8 billion to date. The Bengaluru office will serve as the nerve centre for the technology efforts at CredAvenue.”
CredAvenue said it currently has 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 $90 million in India, in a Series A funding round by a start-up. 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 $410 million. CredAvenue said its goal is to transform the debt markets by deepening access to capital for the growing enterprise sector to unlock significant economic growth.