The Board of yubi Approved the investment in August, the company said in a statement Monday.
With this investment, Kumar aims to increase his stake in Yubi to over 20% over time. The company is expanding its business and with more capital invested in product development, Yubi is expected to break even by the end of this fiscal year and achieve profitability the following year.
Founded in 2020, Yubi, formerly known as CredAvenue operates as a technology-driven composite debt platform, connecting banks and NBFCs with corporates seeking debt, fintechs seeking co-lending opportunities and NBFCs looking to securitize their assets.
The platform grew through multiple acquisitions such as Spocto, a digital debt collection solution, and Corpository, a software-as-a-service (SaaS)-based credit assessment tool. The Chennai-based startup launched Aspero, which offers a fixed-income securities investment platform for retail investors and wealth partners.
Yubi claims to have facilitated over Rs 1.4 trillion in debt volumesserving more than 17,000 companies and 6,200 investors and lenders.
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This capital infusion follows a series of recent senior appointments at Yubi and its group companies, including the promotion of Bharat Krishnamurthy to Chief Technology Officer (CTO) of Yubi and Aspero, and Ramesh Ramanathan to Deputy CFO of Yubi Group. Backed by investors including Peak XV, Lightspeed, Lightrock, and TVS Capital, Yubi raised $137 million in a Series B funding round led by New York-based venture capital firm Insight Partners in March 2022, achieving unicorn status.
The company was valued at $1.5 billion following a secondary share sale last year that separated Yubi from its parent company, Vivitri Capital.
Earlier this month, in a similar move, Oyo founder Ritesh Agarwal invested Rs 830 crore in the hospitality startup through his Singapore-based entity Patient Capital.
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