Chennai-based digital lending unicorn Yubi, formerly known as CredAvenue, has announced the appointment of Anil Mehta, a seasoned veteran in the financial services sector, as an independent director to its board.
An Experienced Leader in Financial Services
Anil Mehta brings a wealth of experience from his leadership roles at Max Life Insurance Company Limited, Australia and New Zealand Banking Group (ANZ Banking Group), Bank of America, and American Express. Additionally, he founded India Shelter Finance Corporation Ltd. (ISFC) in 2010, demonstrating his expertise and entrepreneurial spirit in the financial domain.
Commitment to Transparency and Responsibility
With Mehta’s appointment, Yubi aims to foster a transparent and responsible debt ecosystem. His extensive experience in financial inclusion and building scalable businesses aligns with the company’s mission to democratize capital flow and empower the debt ecosystem.
Strategic Guidance and Insights
Gaurav Kumar, Founder and CEO of Yubi Group, expressed confidence in Mehta’s leadership, stating, “Anil’s insights will be instrumental in guiding our strategic direction and accelerating our mission to democratise capital flow.”
Yubi Group’s Innovative Approach
Founded in 2020, Yubi Group prides itself as the world’s only tech company powering the end-to-end debt cycle. The company facilitates every operation in the lending cycle, from money flow between lenders and borrowers to the seamless management of the entire process.
Strong Investor Backing
Yubi Group boasts an impressive roster of investors, including Peak XV Partners, Lightspeed, Lightrock, TVS Capital Funds, B Capital Group, Dragoneer Investment Group, and Insight Partners. This strong investor backing underscores the confidence in Yubi’s innovative approach and growth potential.
Strategic Partnerships for Inclusive Economic Development
Recently, Yubi Group partnered with MODIFI, a Europe-based B2B fintech platform, to enhance access to capital and promote inclusive economic development. This partnership reflects Yubi’s commitment to driving positive change and fostering economic inclusivity.
Impressive Growth and Achievements
Yubi Group’s commitment to innovation and excellence has yielded significant results. The company currently serves over 6,200 investors and lenders, while achieving a remarkable 57% reduction in collection costs. In 2023, Yubi Group achieved a milestone valuation of $1.5 billion after separating from its parent entity, Vivriti Capital.
With the appointment of Anil Mehta as an independent director, Yubi Group reinforces its commitment to driving innovation, transparency, and responsible financial practices in the digital lending landscape. As the company continues to expand its reach and impact, Mehta’s strategic guidance and industry insights will play a pivotal role in shaping Yubi’s future trajectory and realizing its vision of democratizing capital flow.
