CredAvenue raises $137 mn, turns unicorn at $1.3 bn valuation | VCCircle. Khaitan & Co advised advised Insight Venture Management LLC and its affiliates for its investment in CredAvenue Private Limited.
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HEADINGS |
DETAILS |
| 1. | Sector | Fintech |
| 2. | Signing Date | 23 Feb 2022 |
| 3. | Completion Date | Ongoing |
| 4. | Name of Client | Insight Venture Management LLC (“Client”) |
| 5. | Target companies name and description | CredAvenue Private Limited (“CAPL”) and its subsidiary i.e. CredAvenue Securities Private Limited (“CSPL”)
CAPL is engaged in the business of operating a technology based infrastructure platform for (i) discovery of debt securities / loans / securitizations / supply chain finance / co-origination of loans, (ii) connecting borrowers / issuers and lenders / investors, and (iii) providing portfolio and risk management monitoring and other forms of support services to borrowers / issuers and lenders / investors under the respective platforms namely CredLoans, Plutus, CredSCF, CredPool and CredCo. CSPL has obtained a merchant banking registration with SEBI and is in the process of initiating its merchant banking business. |
| 6. | Buyer | Insight Luxembourg XII S.a.r.l |
| 7. | Deal Description | Advised Insight Venture Management LLC and its affiliates, in relation to the subscription of 5.81% (Five decimal point eight one per cent) shares of CAPL as the lead investor of the Series B round of investment in the target. |
| 8. | Total Consideration | Insight subscription amount: INR 5,70,07,12,841 (approx. USD 75 million)
Total Series B round consideration: 10,28,30,64,780 (approx. USD 133.5 million) |
| 9. | Team Members | Core team comprised of Mayank Singh (Partner) and Akarshita Dhawan (Senior Associate) with assistance from
Diligence & Closing: Raashi Paathak (Associate); Deeksha Agarwalla (Associate); Shagun Sharda (Associate); Suhaas Arora (Associate).
Direct Tax: Ritu Shaktawat (Partner); Sneh Shah (Principal Associate) Indirect Tax: Dinesh Agarwal (Executive Director); Mayank Jain (Principal Associate)
Intellectual Property: Shailendra Bhandare (Partner); Sourav Dan (Principal Associate); Rhea Ghanshani (Associate) |
| 10. | Role of Firm | The Firm advised and assisted the Client on the (i) drafting, negotiation and finalisation of all transaction documentation; and (ii) assistance in closing formalities. |
| 11. | Press Links | Credavenue raises 137 million in round led by insight partners at $1.3 billion valuation
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