Cornerstone Ventures Exits CreditNirvana With Over 55% Returns

SUMMARY

The announcement comes a day after fintech SaaS unicorn Perfios acquired CrediNirvana

Cornerstone invested $2 Mn in total in the AI-powered debt collection startup

It also exited the retail analytics startup Intelligence Node in December last year after it was acquired by global advertising conglomerate Interpublic Group

Venture capital (VC) firm Cornerstone Ventures said it has exited AI-powered debt collection startup CreditNirvana, marking its third exit.

In a statement, the VC firm said that it invested $2 Mn (about INR 17.44 Cr) in CreditNirvana and generated more than 55% in internal rate of return (IRR).

IRR is an instrument that VC firms use to measure the profitability of their investment and as a performance metric to compare different investments.

The announcement comes a day after fintech SaaS unicorn Perfios acquired CrediNirvana.

Commenting on the exit, Cornerstone Ventures partner Vatsal Bavishi said, “It marks our third exit via acquisition, and we are proud to have supported AI/ML-driven innovations like CreditNirvana. We are also pleased to see CreditNirvana join Perfios, a company poised to set new industry benchmarks as it moves toward an IPO.”

Founded in 2018 by Raj MKK, CreditNirvana is a B2B focussed debt collection platform. It helps financial institutions automate their debt collection strategies. Additionally it also offers services such as omnichannel and multilingual digital collection, call centre automation, customer allocation, GPS-enabled field app, legal process automation, and more.

Meanwhile, founded by former Reliance executives Rajiv Vaishnav and Abhishek Prasad, Cornerstone Ventures aims to back early stage SaaS and tech startups across sectors such as financial services, retail, healthcare, and supply chain among others.

The Mumbai-based VC firm’s portfolio includes names such as Dopplr, Credilio, Enparadigm, among others. It marked its second exit from retail analytics startup Intelligence Node in December last year after it was acquired by global advertising conglomerate Interpublic Group (IPG). The VC firm first invested in Intelligence Node in 2019.

In January this year, Cornerstone Ventures marked the first close of its second fund, which has a corpus of $200 Mn, at about $40 Mn to back innovative B2B technology startups. The fund was announced in 2024 with plans to invest $5 Mn to $15 Mn in startups across sectors such as financial services and insurance, retail, consumer goods, ecommerce, among others.