Debt marketplace CredAvenue acquires 75% stake in Spocto for Rs 400 cr

CredAvenue raised $90 mn in its Series A fundraise last year at a valuation of $410 million

Online debt marketplace CredAvenue has acquired a 75.1 per cent stake in Spocto, a digital collections company, in a deal valued at about Rs 400 crore.

Expanding the product offering to include a digital collection solution for lenders on the CredAvenue platform will further improve its value proposition to the banking and financial sector, the company said. Spocto employees will continue to service all existing customers under the arrangement.

Spocto will help in mitigating risk and fraud by tracking absconding borrowers through any digital footprint to any corner of the world. This will improve collection efficiency at a fraction of