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.
|2.||Signing Date||23 Feb 2022|
|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