Fintech unicorn UB raises ₹250cr from Founder and CEO Gaurav Kumar

Business: Fintech unicorn UB (formerly CredAvenue) has announced that it has received fresh capital of Rs 250 crore from its founder and CEO Gaurav Kumar. A seasoned entrepreneur and investor, Kumar co-founded Vivriti Capital in 2017. In 2019, he co-founded Vivriti Asset Management. Under his leadership, the UB Group claims to have grown into a strong entity comprising UB, Aspero, Spocto, Corpotory and Finfort. UB was launched in 2017 as CredAvenue. It is an end-to-end debt platform that connects enterprises with lenders and investors. It is backed by Peak XV, Lightspeed Ventures, TVS Capital among others. The start-up received ‘unicorn’ status after securing $137 million in Series B round of funding in March 2022. The round was led by US-based global private equity and venture capital firm Insight Partners, along with participation from existing investors B Capital Group and Dragoneer.

The company’s post-money valuation rose to $1.3 billion at the time.

Since inception, the start-up claims to have facilitated loans worth over Rs 140,000 crore, serving over 17,000 enterprises and 6,200 investors and lenders. With a mission to deepen the lending market and democratise capital flows, Yubi is transforming the financial landscape, promoting inclusivity and building a transparent and responsible ecosystem for all. In April this year, the unicorn signed a strategic partnership with Europe-based B2B fintech firm MODIFI to enter the cross-border trade financing segment. At the time, UB had said that this partnership would provide Indian exporters and importers with access to secure, non-collateralised financing for international transactions, which in turn will provide them with the financial support they need to strengthen their business relationships.