CredAvenue opens technology development center in Bangalore

Debt Platform, CredAvenue, announced the inauguration of its technology development center in Bangalore. The company said the new center will meet the technological needs of the business and will eventually house a workforce of 200 employees by FY 23, which will constitute nearly 30% of CredAvenue’s overall strength in India.

The centre’s technology team would include engineering, products, design, quality assurance, data science, and data engineering. The company has offices in Chennai, Mumbai and Delhi with a staff of 275, 60 and 10 in each, respectively. The Bengaluru center will immediately house the market, mobile engineering, loans and user platform teams, he added in a statement.

Projects to evolve

CredAvenue plans to evolve its platform by deploying technologies such as data science, machine learning and artificial intelligence in the coming months. With that in mind, the company said it has a strong focus on acquiring independent industry talent in core technology areas, including data engineering, AI-ML, data science and analytics. data, data security, product management, deep integration, platform architecture and software engineering. .

Gaurav Kumar, Founder and CEO, CredAvenue, said: “CredAvenue is one of the first debt platforms of its kind. Our platform currently serves over 1,000 issuers, 200 investors and has resulted in a debt flow of $ 8 billion to date. The Bengaluru office will serve as the hub for CredAvenue’s technology efforts. “

CredAvenue said it currently has more than 350 employees across different verticals – technology, sales, marketing, strategy and human resources. It plans to double its workforce to 700 by the end of fiscal 22. The company also expects global expansion and inorganic growth through strategic acquisitions.

The company recently raised $ 90 million in India, as part of 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 fundraiser, the company was valued at $ 410 million. CredAvenue said its goal is to transform debt markets by deepening access to capital for the growing business sector to unlock meaningful economic growth.