Debt platform, CredAvenue, has announced the opening of its Technology Development Center in Bengaluru. The new center will meet the company’s technology requirements, and eventually will have a strong workforce of 200 employees by fiscal year 23 that will make up nearly 30 percent of CredAvenue’s total strength in India, the company said.

The center’s technology team will include engineering, product, design, quality assurance, data science, and data engineering. The company has offices in Chennai, Mumbai and Delhi with employees of 275, 60 and 10 in each of them respectively. It added in a statement that the Bengaluru hub will include the market, mobile engineering, loan and user platforms teams in the near term.

Plans to evolve

CredAvenue plans to evolve its platform by deploying technologies such as data science, machine learning, and artificial intelligence in the next few months. In line with this, the company said it has a strong focus on acquiring industry-neutral talent in core technology areas, including data engineering, AI-ML, data science and analytics, data security, product management, deep integration, platform engineering and software engineering. .

Gaurav Kumar, Founder and CEO of CredAvenueAnd He said, “CredAvenue is one of the first debt platforms of its kind. Our platform currently serves more than 1,000 issuers and 200 investors and has enabled a debt stream of $8 billion to date. The Bengaluru office will be the nerve center of CredAvenue’s technology efforts.”

CredAvenue said it currently has more than 350 employees working in various sectors — technology, sales and marketing, strategy, and human resources. It expects to double its number of employees to 700 by the end of fiscal year 22. The company is also planning global expansion and inorganic growth through strategic acquisitions.

The company recently raised $90 million in India, in a Series 1 funding round by a startup. The tour was led by Sequoia Capital India and co-led by Lightspeed, TVS Capital Funds, Lightrock and others. In 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 corporate sector to unleash significant economic growth.

Source link

By admin

Leave a Reply

Your email address will not be published. Required fields are marked *