CredAvenue, a debt marketplace that helps businesses secure debt from lenders, announced on Sunday that it has become the fastest Indian fintech startup to join the unicorn club.

According to the company, Insight Partners, B Capital Group, and Dragoneer led the $137 million Series B financing round for the two-year-old startup.

Founded by Vivriti Capital co-founder Gaurav Kumar, the fintech company is now valued at $1.3 billion, up from $410 million in September last year, according to the company, reports

Sequoia Capital India, Lightspeed Venture Partners, TVS Capital, Lightrock, Vivriti Capital, and Indian fintech CRED are among the company's investors. It has raised more than $227 million so far.

CredAvenue intends to use the capital to expand in India and other key global markets, as well as to acquire new businesses. “With this milestone, we will be able to expand our business across diverse geographies while also enhancing our technological capabilities,” says a LinkedIn post by the company.

In an interview with TechCrunch, Kumar remarked, "This is my fourth business, and I've spent over 16 years in the lending space."

CredAvenue claims to have developed India's most comprehensive technological stack to fulfil a company's whole debt cycle, from disbursal through collections.

It runs platforms for providing term loans and working capital solutions to businesses, as well as an origination platform that allows banks and non-banking financial institutions to collaborate on co-lending and a bond platform that assists institutional and retail investors with bond issuance.

It also provides trade finance, as well as end-to-end securitization and portfolio buyouts.

The fintech firm recently purchased Spocto, a collecting startup with operations in three markets. However, Kumar stated that the company intends to continue to focus on India in general. "We've only scratched the surface thus far."