CredAvenue, debt marketplace, today announced it has acquired a majority stake in Corpository – a full-stack corporate credit underwriting company at a valuation of Rs 100 Cr.
With this acquisition, all lenders on CredAvenue’s platform will be able to evaluate and make lending decisions on the platform itself, thus significantly reducing the overall time for the lending process, it said in a press statement.
This is the second acquisition by CredAvenue within months of announcing a majority stake in Spocto.
Corpository’s solution would also help ensure that the lenders stay updated on the developments at the borrowers’ end, it said.
Corpository’s SaaS-based products help evaluate, underwrite and monitor corporate credits using publicly available data from 50+ sources such as the MCA, credit ratings, GST filings, and litigation data, among other things. Today, the company provides credit intelligence on more than 2.5 million Indian companies, including RBI-compliant alerts for portfolio monitoring, credit life cycle solutions to lenders, and predictive analytics.
Founded in 2016, it uses end-to-end automation to generate insights via technologies such as – optical character recognition (OCR), machine learning (ML), artificial intelligence (AI), pattern recognition and robotic process automation (RPA), among others.
CredAvenue will acquire the majority stake through a combination of primary investment and secondary purchase from existing shareholders.
Speaking on the occasion, Gaurav Kumar, Founder and CEO, CredAvenue, said, “We aim to continue on the growth path in the debt space 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.”
Corpository Co-founder Aniket Shah said, “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 and monitoring platform.”