Online debt marketplace CredAvenue has acquired a majority stake in Corpository, a full-stack corporate credit underwriting company at a valuation of Rs 100 crore.
CredAvenue will acquire the majority stake through a combination of primary investment and secondary purchase from existing shareholders. Following the transaction, all lenders on CredAvenue’s platform will be able to evaluate and make lending decisions on the platform itself, reducing the overall time for lending.
This is the second acquisition by CredAvenue in 2022. Recently, it announced buying a majority stake in Spocto which is into digital collections.
Founded in 2016, Corpository uses automation to generate insights via technologies such as optical character recognition, machine learning, artificial intelligence, pattern recognition and robotic process automation.
CredAvenue’s platform connects businesses seeking loans with financial institutions and other investors. Its solutions include vendor and dealer financing, and a bonds marketplace that provides access to exclusive primary and secondary bonds.
The Chennai-based company currently has more than 2,300 corporates, and 750 lenders on its platform and has facilitated debt volumes of over Rs 90,000 crore. It also claims that the size of debt facilitated on its marketplace ranges from Rs 50 crore to Rs 3,000-Rs 4,000 crore.