In the year ended March 2021, credit growth slowed slowed The Hindu Credit growth slowed to 59-year low of 5.56% Read more to a 59-year low of 5.56%. For Indian companies, whose fortunes are often closely tied to their ability to access debt, these were desperate desperate The Ken Death by downgrade: India’s MSMEs risk going from moratorium to crematorium Read more times.

Even as the flow of credit seemed to be slowing, three-year-old Vivriti Capital emerged as an oasis for India’s credit-thirsty businesses. Till now, it has facilitated Rs 65,000 crore ($8.8 billion) in debt through its online enterprise debt marketplace, CredAvenue. The platform, which connects corporate borrowers and lenders, intends to enable the disbursal of Rs 1,00,000 crore ($13.6 billion) of credit by the end of March 2022.

CredAvenue walks the space dominated by “arrangers”, who range from small-time chartered accountants to large, dedicated desks at big banks. It is also one of the few full-fledged online intermediaries that facilitates debt through multiple products. Most other online platforms stick to a single type of debt product.

For instance, debt products such as commercial papers allow a company to raise funds for very short tenures and without collateral. Corporate bonds, on the other hand, are often collateral-backed. The difference between debt products can also be in the type of collateral. For example, asset-backed securities ( ABS ABS asset-backed security An ABS is a type of investment that is collateralized by an underlying pool of assets—usually ones that generate a cash flow from debt, such as loans, leases, credit card balances ) help firms raise money by offering a pool of their own loans as collateral.

Despite the shortage of platforms like it, CredAvenue’s utility within the Indian business ecosystem cannot be overstated.

Globally, companies raise money through the capital markets, where buyers and sellers trade in equities or debt. In India, the equity capital market equity capital market equity capital market Equity capital is raised by issuing shares in a company, either publicly or privately is about 2X the size of the debt capital market, which is $1 trillion in size size World Debt Clocks National debt of India Read more .

Even within India’s admittedly limited debt capital markets, most debt is taken in the form of loans.

AUTHOR

Arundhati Ramanathan

Arundhati is Bengaluru-based. She is interested in how people use money in the digital age and how new economies will take shape based on that interaction. She has spent over 10 years reporting and writing on various subjects. Previous stints were at Mint, Outlook Business and Reuters.

View Full Profile

Subscribe to read this story

The Ken is the only business subscription you need. Questions?

 

Premium

  • 5 original and reported longform business stories every week
  • Access to ONLY India edition
  • Close to 250 exclusive stories every year
  • Full access to over 5 years of paywalled stories
  • Pick up to 5 premium subscriber newsletters
  • 4 original and reported longform business stories each week
  • Access to ONLY Southeast Asia edition
  • Close to 200 exclusive stories every year
  • Full access to all paywalled stories since March 2020
  • Pick up to 5 premium subscriber newsletters

Rs. 2,750 /year

$ 120 /year

India Edition
Subscribe Subscribe
Most Asked For

Borderless

  • 8 original and reported longform business stories each week
  • Access to both India and Southeast Asia editions
  • Close to 400 exclusive stories every year
  • Full access to over 5 years of paywalled stories across India and Southeast Asia
  • Unlimited access to all premium subscriber newsletters
  • Visual Stories

Rs. 4,200 /year

Subscribe
 

Echelon

  • 8 original and reported longform business stories each week
  • Access to both India and Southeast Asia editions
  • Close to 400 exclusive stories every year
  • Full access to over 5 years of paywalled stories across India and Southeast Asia
  • Unlimited access to all premium subscriber newsletters
  • Visual Stories
  • Bonus annual gift subscription
  • Priority access to all new products and features

Rs. 8,474 /year

Subscribe
Or

Questions?

What kind of subscription plans do you offer?

We have three types of subscriptions
- Premium which gives you access to either the India or the Southeast Asia edition.
- Borderless which gives you complete access to The Ken across both editions
- Echelon which gives you complete access to The Ken across both editions along with a bonus gift subscription

What do I get if I subscribe?

The Premium edition gives you access to stories in that edition along with any five subscriber-only newsletters of your choice.

The Borderless and Echelon subscription gives you complete access to The Ken across editions and unlimited access to as many newsletters as you like.

What topics do you usually write about?

We publish sharp, original and reported stories on technology, business and healthcare. Our stories are forward-looking, analytical and directional — supported by data, visualisations and infographics. We use language and narrative that is accessible to even lay readers. And we optimise for quality over quantity, every single time.

Our specialised subscriber-only newsletters are written by our expert, award-winning journalists and cover a range of topics across finance, retail, clean energy, cryptocurrency, ed-tech and many more.

How many newsletters do you have?

We are constantly adding specialised subscriber-only newsletters all the time. All of these are written by our team of award-winning journalists on a specialised topic.

You can see the list of newsletters that we publish over here.

Does a Premium subscription to your Indian edition get me access to the Southeast Asia edition? Or vice-versa?

Afraid not. Each edition is separate with its own subscription plan. The India edition publishes stories focused on India. The Southeast Asia edition is focused on Southeast Asia. We may occasionally cross-publish stories from one edition to the other.

We recommend the Borderless or the Echelon Plan which will give you access to stories across both editions.

Do you have a mobile app?

Yes! We have a top-rated mobile app on both iOS and Android which allows you to read on-the-go and has some amazing features like the ability to bookmark stories, save on your device, dark mode, and much more. It’s really the best way to read The Ken.

Is there a free trial?

You can sign up for a free account to experience The Ken and understand our products better. We’ll send you some free stories and newsletters occasionally, and you can access our archive of previously published free stories. You can stay on the free account as long as you’d like.

The vast majority of our stories, articles and newsletters can be accessed only by a paid subscription.

Do you offer any discounts?

Sorry, no. Our journalism is funded completely by our subscribers. We believe that quality journalism comes at a price, and readers trust and pay us so that we can remain independent.

Do you offer refunds?

No. We allow you to sample our journalism for free before signing up, and after you do, we stand by its quality. But we do not offer refunds.

I am facing some trouble purchasing a subscription. What can I do?

Just write to us at support@the-ken.com with details. We’ll help you out.

I have a few more questions. How can I reach out to you?

Sure. Just email us at info@the-ken.com or follow us on Twitter.