Company:Yubi

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Short description: Indian fintech company

Yubi
FormerlyCredAvenue
TypePrivate
IndustryFintech
Founded2020
FounderGaurav Kumar
Headquarters
Chennai, Tamil Nadu
,
India
Area served
India
Number of employees
345 (2021)
WebsiteOfficial website

Yubi, formerly known as CredAvenue, is an Indian fintech company that connects businesses with financial institutions, banks and other lenders through its digital platform.[1][2] It was founded by Gaurav Kumar and is headquartered in Chennai, India. In March 2022, it became a unicorn company with a valuation of US$1.3 billion.[3]

The company also has offices in Bengaluru, Chennai, Delhi and Mumbai .[4] It also operates in the MENA region.[5] It has facilitated transactions worth around $11.3 billion to help around 2,200 institutional borrowers and 1.1 million retail borrowers as of January 2022.[6][3]

History

The company was founded as CredAvenue in 2020 by Gaurav Kumar,[7] who earlier founded Vivriti Capital (2017) and Vivriti Asset Management (2017).[8]

In October 2021, Yubi set up a technology centre in Bangalore that houses Marketplace, Mobile Engineering, Loans, and User Platform teams.[4]

In April 2022, it launched Yubi Build, a real estate and infrastructure financing platform.[9] In May 2022, the company was rebranded as Yubi.[10] In October 2022, it entered the Middle East and North Africa (MENA) region by setting up a subsidiary for its group company Spocto in Dubai.[5] The company has more than 500 lenders using its platform including banks such as Federal Bank, ICICI Bank, State Bank of India, Axis Bank, Kotak Mahindra Bank, SBM Bank India, Indian Bank and Union Bank of India.[11][12][13][14]

Acquisition

In February 2022, Yubi acquired a 75.1% stake in Spocto, a Mumbai -based artificial intelligence and machine learning-powered debt recovery platform[15] for ₹400 crore.[16] In April 2022, it acquired a majority stake in Corpository, a corporate credit underwriting company, at a valuation of ₹100 crores.[17]

Products

Yubi provides services for six different debt products, which include Yubi Loans (Corporate loan marketplace), YubiCo. Lend (Co-lending partnerships for banks and NBFCs), Yubi Invest (Bond Issuance and investment for institutional and retail participants), Yubi Flow (Trade financing solutions), Yubi Pools (Securitization and portfolio buyouts) and Yubi Build (Real estate financing).[10]

Finances

In 2021, the company raised US$90 million from Sequoia Capital, Lightspeed Venture Partners, TVS Capital Funds and Lightrock. It was the largest Series A funding through equity for an Indian company in 2021.[18] In March 2022, it became a Unicorn startup after raising $137 million in its Series B funding round led by Insight Partners, B Capital Group, Dragoneer Investment Group and existing investors.[11][19]

Awards

Yubi was awarded the IMC Digital Technology Award in 2021 from the Indian Merchants' Chamber.[20] In 2022, it was named the Startup of the Year at Small Business Awards by the Franchise India magazine.[21] Its founder Gaurav Kumar was inducted into the list of Fortune India's 40 Under 40 in 2022.[8] Forbes India listed Gaurav Kumar in its Tycoons of Tomorrow 2021 list.[22]

See also

  • List of unicorn startup companies

References

  1. ↑ Ramanathan, Arundhati (16 June 2021). "CredAvenue's bid to reinvigorate India's slowing enterprise credit faucet". The Ken. https://the-ken.com/story/credavenues-indias-slowing-enterprise-credit-faucet/. 
  2. ↑ Velezmoro, Sara (8 March 2022). "B Capital backs Indian fintech CredAvenue". FinanceAsia. https://www.financeasia.com/article/b-capital-backs-indian-fintech-credavenue/476323. 
  3. ↑ 3.0 3.1 Singh, Manish (6 March 2022). "Indian fintech CredAvenue turns unicorn with fresh $137 million funding". TechCrunch. https://techcrunch.com/2022/03/06/indian-fintech-credavenue-turns-unicorn-with-fresh-137-million-funding/. 
  4. ↑ 4.0 4.1 "CredAvenue sets up technology development centre in Bengaluru". Livemint. 30 October 2021. https://www.livemint.com/companies/news/credavenue-sets-up-technology-development-centre-in-bengaluru-11635587184453.html. 
  5. ↑ 5.0 5.1 Hariharan, Sidhu (12 October 2022). "Yubi enters Middle East and North Africa region with new Spocto subsidiary". The Times of India. https://timesofindia.indiatimes.com/business/india-business/yubi-enters-middle-east-and-north-africa-region-with-new-spocto-subsidiary/articleshow/94808296.cms. 
  6. ↑ Panchal, Salil (5 January 2022). "Gaurav Kumar and CredAvenue: Lending a helping hand to SMEs". Forbes India. https://www.forbesindia.com/article/tycoons-of-tomorrow-2021/gaurav-kumar-and-credavenue-lending-a-helping-hand-to-smes/72499/1. 
  7. ↑ Patro, Sneha (1 March 2022). "Debt To Prosperity". BusinessWorld. https://www.businessworld.in/article/Debt-To-Prosperity-/01-03-2022-421605/. 
  8. ↑ 8.0 8.1 "CredAvenue's Loan Ranger". Fortune India. 2022. https://www.fortuneindia.com/40under40/gaurav-kumar?year=2022. 
  9. ↑ Hariharan, Sindhu (5 August 2022). "Yubi launches real estate and infrastructure financing platform". The Times of India. https://timesofindia.indiatimes.com/business/india-business/yubi-launches-real-estate-and-infrastructure-financing-platform/articleshow/93369957.cms. 
  10. ↑ 10.0 10.1 Narayan, V. (22 June 2022). "CredAvenue rebrands itself as Yubi". The Hindu Business Line. https://www.thehindubusinessline.com/companies/credavenue-rebrands-itself-as-yubi/article65549745.ece. 
  11. ↑ 11.0 11.1 Vaswani, Simran (7 March 2022). "Sequoia-Backed Indian Fintech Startup CredAvenue Becomes Unicorn With $137 Million Investment". Forbes. https://www.forbes.com/sites/simranvaswani/2022/03/07/sequoia-backed-indian-fintech-startup-credavenue-becomes-unicorn-with-137-million-investment/?sh=3981a58a161b. 
  12. ↑ "A multi-platform strategy for the debt market". Banking Frontiers. 10 November 2021. https://www.pressreader.com/india/banking-froniers/20211110/281814287219854. 
  13. ↑ "U Gro ties up with Unicorn Yubi to share platform for co-lending". The Economic Times. 9 August 2022. https://economictimes.indiatimes.com/markets/stocks/news/u-gro-ties-up-with-unicorn-yubi-to-share-platform-for-co-lending/articleshow/93443548.cms. 
  14. ↑ "Yubi partners SBI to provide credit access to priority sector". Livemint. 7 September 2022. https://www.livemint.com/money/personal-finance/yubi-partners-sbi-to-provide-credit-access-to-priority-sector-11664263726253.html. 
  15. ↑ "CredAvenue acquires 75% stake in Spocto Solutions". The Times of India. 15 February 2022. https://timesofindia.indiatimes.com/business/india-business/credavenue-acquires-75-stake-in-spocto-solutions/articleshow/89575897.cms. 
  16. ↑ V., Akhil (14 February 2022). "CredAvenue buys Spocto for Rs 400 crore to enable digital debt recovery". CNBC TV18. https://www.cnbctv18.com/business/companies/credavenue-buys-spocto-for-rs-400-crore-to-enable-digital-debt-recovery-12488712.htm. 
  17. ↑ Hariharan, Sidhu (26 April 2022). "CredAvenue acquires majority stake in Corpository". The Times of India. https://timesofindia.indiatimes.com/business/india-business/credavenue-acquires-majority-stake-in-corpository/articleshow/91096131.cms. 
  18. ↑ Panchal, Salil (29 September 2021). "Sequoia, Lightspeed pump in $90 million into digital debt platform CredAvenue". Forbes India. https://www.forbesindia.com/article/special/sequoia-lightspeed-pump-in-90-million-into-digital-debt-platform-credavenue/70705/1. 
  19. ↑ Hariharan, Sindhu (7 March 2022). "CredAvenue 11th unicorn in 2022". The Times of India. https://timesofindia.indiatimes.com/business/india-business/credavenue-11th-unicorn-in-2022/articleshow/90041389.cms. 
  20. ↑ "WINNERS - IMC Digital Technology Awards 2021". Indian Merchants' Chamber. 2021. https://imc-itawards.in/Winners2021.html. 
  21. ↑ "Award Winners 2022". https://www.smbindia.com/awards_winner_chennai.php. 
  22. ↑ "Forbes India Tycoons of Tomorrow 2021". Forbes India. 2021. https://www.forbesindia.com/lists/tycoons-of-tomorrow-2021/2007/1. 

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