BENGALURU: Credit platform CredAvenue said it has set up its new technology development center in Bengaluru. To primarily meet the technology requirements of the firm, the center will have a 200-employee strong workforce by FY 2022-23, which is about 30% of CredAvenue’s total strength in India.
Focus areas for hiring within a technology team include engineering, product, design, data science and data engineering. The company has offices in Chennai, Mumbai and Delhi and the combined strength of employees is 345 respectively.
The Bengaluru center will house the marketplace, mobile engineering, loan and user platform teams in the immediate term.
“CredAvenue is one of the first of its kind lending platforms globally. Our platform currently serves over 1000 issuers, 200 investors and has enabled credit flow of $8 billion to date. Our aim is to create a technology platform that is unmatched, scalable and class-maker. Gaurav Kumar, Founder and CEO, CredAvenue, said, “As we move forward to fulfill our objective, the Bengaluru office will serve as the nerve center for the technology endeavours at CredAvenue.”
The expansion comes as CredAvenue raises $90 million of equity capital in a funding round led by Sequoia Capital and co-led by Lightspeed, TVS Capital Funds, LightRock and others. The funding was valued at approximately $410 million to the company.
CredAvenue plans to grow its platform in the coming few months by deploying cutting edge technologies like data science, machine learning and artificial intelligence. In line with this, the firm is heavily focused 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. Statement.
CredAvenue expects to double its total headcount to 700 by the end of FY12. The company also plans for global expansion and inorganic growth through strategic acquisitions.
The company currently has a portfolio of five platforms – term lending enterprise solution, Cradlon; Genesis Platform CredCoLend; bond issuance and investment platform, Plutus; Trade financing portal, CredSCF and securitization and portfolio buyout solution, Credpool.
Currently, CredAvenue serves over 1,500 corporates, with over 750 lenders facilitating greater loan amounts. ₹65,000 crore on its platforms.
Don’t miss a story! Stay connected and informed with Mint.
download
Our App Now!!
.