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Debt marketplace CredAvenue on Sunday announced that it is India's fastest fintech to join the unicorn club with a Series B fundraising round of $137 million.

The fundraising round was led by New York-based global private equity and venture capital firm Insight Partners, B Capital Group, and Dragoneer, with participation from existing investors.

As a result, the company's post-money valuation has grown to $1.3 billion.

"I would like to extend a warm welcome to our new investor partners as we embark on this mission to deepen the Indian debt market," Gaurav Kumar, Founder and CEO, CredAvenue, said in a statement.

"We have a once-in-a-lifetime opportunity to transform the global debt and collections market through a combination of the marketplace, operating system, and fulfilment," he added.

The Series B round of capital raise was preceded by India's largest Series A round (equity), led by Sequoia Capital, Lightspeed Ventures, TVS Capital, and Lightrock.

CredAvenue is adding some of the biggest names in technology investment from across the world to its capital table, the company said.

These partnerships are expected to improve the strength, depth, and scale of India's largest debt platform, providing enormous value for all stakeholders, it added.

CredAvenue intends to use the funds to expand the business in India along with key global markets, organically and inorganically, by acquiring diverse companies for the forward and backward services and products integration.

The company said it will also use the funds to enhance its technological capabilities by investing in deep technology innovations, AI, ML, and data analytics.