The Busy Brains
16 Jul 2023
Indian fintech startup Yubi (formerly CredAvenue) has witnessed a substantial surge in its valuation to $1.5 billion following a secondary share sale transaction. The company, a subsidiary of Vivriti Capital, aims to become an independent entity through ongoing restructuring efforts.
Indian fintech startup Yubi has achieved a valuation of $1.5 billion after a successful secondary share sale transaction. Yubi, previously known as CredAvenue, is a subsidiary of Vivriti Capital, which has now reduced its stake in the company to below 50% by selling a portion of its shareholding to existing investors.
The process of untethering Yubi from Vivriti Capital began nearly a year ago, with the objective of establishing Yubi and the Non-Banking Financial Company (NBFC) as standalone entities. As the ongoing restructuring process nears completion, Yubi is set to function independently, as reported.
Yubi attained unicorn status in March of the previous year when it raised $137 million in a series B funding round, elevating its valuation to approximately $1.3 billion. The funding round was led by Insight Partners, Dragoneer Investment Group, and B Capital Group.
In addition to its recent valuation milestone, Yubi has been actively expanding through strategic acquisitions. In the previous month, the company acquired Finfort, a Bengaluru-based credit analytics firm. Notable purchases from the previous year include a majority stake in Corpository, a corporate credit underwriting company, and Spocto Solutions, a debt-recovery platform.
Founded by Gaurav Kumar, Yubi operates as a pioneering fintech platform in India, connecting businesses with financial institutions, banks, and lenders through its innovative digital platform. With its growing valuation and strategic moves, Yubi aims to strengthen its position in the Indian fintech landscape.