“We plan to double our workforce to 700 by the end of fiscal 22, from 350 now. It was 250 last year. Of the total staff, up to 450 will be in the tech sector and we have already hired 100, ”Gaurav Kumar, founder and managing director of CredAvenue, told PTI on Friday.
For the current year, CredAvenue has set a target of settling the debt around Rs 52,000 crore, and has already arranged Rs 14,000 crore so far, said Kumar, who is also a co-founder. by Vivriti Capital.
He added that since its inception three years ago, the company has arranged 62,000 crore of debt for more than 1,600 clients, including and.
The company has three sources of revenue: its Software as a Service (SaaS) offering which recovers 0.1 of the debt; platform rents based on the amount of debt disbursed, the pricing of which is based on the credit rating and averaging around 45 basis points of the disbursed loan; and third, the borrower’s take-up rate which ranges from 25 to 100 basis points of the loan amount but averages around 50 basis points, he said.
Considering the faster growth rate so far, “we have set a target (revenue) of Rs 200 crore by March, which is four times more than Rs 47 crore in FY 21” , did he declare.
Without disclosing the actual number, he said the business was profitable.
Up to 80% of its volume comes from securitization and the rest from the offer and co-loan.
The company has two outside investors, Creation and Lightrock, who together hold 74%, and plans to raise an additional Rs 820 crore, diluting an additional 20-22%, Kumar said.
Kumar was also a founding member of the former IFMR Capital, which is now Northern Arc Capital, which also deals with debt settlement.