Yubi founder and CEO Gaurav Kumar mentioned that the startup will look to lift recent capital within the vary of $150 Mn to $200 Mn within the first quarter of subsequent yr
The recent funds will assist gas its growth into the MENA area in addition to assist purchase extra companies
Yubi managed to trim its internet loss by over 22% to INR 395.8 Cr within the monetary yr 2023-24 (FY24) from INR 509.8 Cr within the earlier fiscal yr
About three months after its founder infused INR 250 Cr (about $30 Mn), digital lending unicorn Yubi (previously CredAvenue) is now eyeing a recent spherical of funding. Yubi founder and CEO Gaurav Kumar advised Bloomberg in an interview that the startup will look to lift recent capital within the vary of $150 Mn to $200 Mn within the first quarter of subsequent yr.
Kumar mentioned that the recent funds will assist gas its growth into the MENA area in addition to assist purchase extra companies.
“We’ll increase yet one more funding spherical earlier than pondering of going public within the subsequent few years,” he was quoted as saying.
The startup declined to reply Inc42’s queries looking for additional particulars on the funding plans.
Yubi managed to trim its internet loss by over 22% to INR 395.8 Cr within the monetary yr 2023-24 (FY24) from INR 509.8 Cr within the earlier fiscal yr. The underside line enchancment got here on the again of a hefty 47% soar in its income from operations to INR 483.7 Cr in the course of the yr.
Yubi, based as CredAvenue in 2017 by Kumar, is a debt platform that connects enterprises with lenders and buyers. CredAvenue was transformed to Yubi in 2020. It now gives options like tech infrastructure, threat analysis, and collections platforms to assist the end-to-end debt lifecycle from lenders to debtors and again to lenders.
It claims to have facilitated over INR 1.4 Lakh Cr in debt volumes and serves greater than 17,000 enterprises and 6,200 buyers and lenders.
The startup is backed by buyers like Peak XV, Lightspeed, Lightrock, TVS Capital, B Capital Group, Dragoneer Funding Group, and Perception Companions, amongst others. It has raised a complete funding of about $256.80 Mn until date.