Credgenics, a leading provider of SaaS-based debt collections and resolution technology platform, has announced that it has achieved operational profitability in its fourth year of operation. The company’s success is attributed to its innovative approach to debt management, which leverages technology to digitally transform the debt collections process for Banks, NBFCs, FinTechs, and ARCs. Credgenics anticipates experiencing a year-on-year growth of over 100%, with an anticipated revenue of approximately Rs 240 crore in the upcoming fiscal year.
Backed by WestBridge Capital, Tanglin Venture Partners, and Accel Partners, Credgenics has reached an overall loan book worth USD 47 Billion in FY 22. Credgenics has seen financial institutions increase their collection efficiency by 25% and reduce their collections costs by up to 40%. The company has handled 40 million retail loans and sends 60 million digital communications on a monthly basis.
Rishabh Goel, Co-Founder and CEO of Credgenics, commented on the announcement, “We are extremely glad to announce that we have achieved our set target of Rs 100 crore in the financial year 2022-23. We anticipate a 100% growth on a year-on-year basis in FY 2023-24, with an expected revenue of Rs 240 crore. Our success reflects our commitment to delivering exceptional customer experience and creating positive business outcomes for our clients.”
Meanwhile, Co-Founder and CPTO, Anand Agrawal, shared that since the last round of fundraising in 2021, the company’s revenue has increased 7 times, its customer base expanded five times to reach 100, and its employee count reached 300. Anand also added, “We have offered technology solutions that focus on efficient debt collection. These advanced technologies are aiding creditors in reimagining their debt collection processes while simultaneously giving debtors a much better experience.”
Credgenics offers insights-driven personalized approach for communications across multiple channels, including chatbots, voicebots, WhatsApp, IVR, SMS, and emails. The platform also offers an extensive suite of debt resolution services like digital collections, litigation management, field collections mobile app, and payments platform. It relies on AI-driven intelligent automation and Machine Learning models for efficient collections.
With the adequate capital, Credgenics is furthering their business in the Indian market while introducing its services internationally, including in Southeast Asia. The company commenced operations in Indonesia last year and is soon entering Vietnam.
About Credgenics
Credgenics is a Loan Collection and Debt Resolution technology platform, working with numerous Banks, Non-banking finance companies, FinTechs, and ARCs. It guarantees an increase in resolution rates by 20%, improved collections by 25%, reduced collection cost by 40%, decreased collections time by 30%, and improved legal efficiency by 60%. Currently, Credgenics is available in 7 different locations across the globe, including Delhi NCR, Hyderabad, Mumbai, Jakarta, Singapore, Indonesia, and Vietnam.
