CredAvenue picks up 75% stake in AI-powered debt recovery platform Spocto

From a broader perspective, it will improve the overall asset quality of our Bank and NBFC partners.

CredAvenue has acquired a 75.1% stake in Spocto, an artificial intelligence and machine learning-powered debt recovery platform. With the acquisition, CredAvenue will become the first global debt marketplace serving every stage of the enterprise lending life cycle, the company claimed.

“Adding digital collection capabilities will significantly add value to lending partners on the platform. This deal is a forward integration that completes the product suites for the entire lifecycle. It will shrink the resources and time required for collection while improving the recovery rate. From a broader perspective, it will improve the overall asset quality of our Bank and NBFC partners. This acquisition will propel us into the global market by gaining access to Spocto’s global clientele and network. We will continue to disrupt everything debt with the goal of having a worldwide impact, said Gaurav Kumar, Founder and CEO of CredAvenue. 

CredAvenue offers a platform to connect corporates looking for loans with financial institutions and investors who can provide debt through various instruments. The company had raised USD 90 million in Series A led by Sequoia Capital, LightSpeed Venture Partners, TVS Capital Funds and Lightrock India last year.


Sign up for your weekly dose of what's up in emerging technology.

More Great AIM Stories

SharathKumar Nair
Sharath is an ardent believer in the ‘Transhumanism’ movement. Anything and everything about technology excites him. At Analytics India Magazine, he writes about artificial intelligence, cybersecurity and the impact these emerging technologies have on day-to-day human lives. When not working on a story, he spends his time reading tech novels and watching sci-fi movies and series.

Our Upcoming Events

Conference, in-person (Bangalore)
Machine Learning Developers Summit (MLDS) 2023
19-20th Jan, 2023

Conference, in-person (Bangalore)
Rising 2023 | Women in Tech Conference
16-17th Mar, 2023

Conference, in-person (Bangalore)
Data Engineering Summit (DES) 2023
27-28th Apr, 2023

Conference, in-person (Bangalore)
MachineCon 2023
23rd Jun, 2023

Conference, in-person (Bangalore)
Cypher 2023
20-22nd Sep, 2023

3 Ways to Join our Community

Whatsapp group

Discover special offers, top stories, upcoming events, and more.

Discord Server

Stay Connected with a larger ecosystem of data science and ML Professionals

Subscribe to our newsletter

Get the latest updates from AIM