Credgenics, a debt resolution platform, has successfully raised $50 million in a Series-B funding round led by Westbridge Capital, Accel, Tanglin Ventures, Beams Fintech Fund, and other strategic investors. With this latest funding, the company’s valuation has reached $340 million. Credgenics plans to utilize the funds for product innovation and enrichment, international business expansion, and targeting other segments within the BFSI (Banking, Financial Services, and Insurance) industry.
Since its inception in 2019, Credgenics has made significant progress in the Indian market and is making headway in the Southeast Asian region. The company’s commitment to transforming debt collections through digitization and analytics has resulted in an impressive 7x growth rate since its last fundraising round in 2021.
Credgenics boasts partnerships with over 100 prominent private banks, non-banking financial companies, fintechs, and asset reconstruction companies, including IIFL Finance, Mahindra Finance, ICICI Bank, HDFC Bank, DMI Finance, Hero Fincorp, TVS Credit, IREP Credit Capital, and Indifi. In the fiscal year 2022, the company managed an overall loan book worth $47 billion.
The company offers a comprehensive suite of debt resolution solutions driven by SaaS (Software-as-a-Service), including digital collections, collections analytics, litigation management, field collections mobile app, agent performance management, and payments platform. These solutions employ AI-driven intelligent automation and machine learning models to deliver highly efficient collections.
Rishabh Goel, co-founder and CEO of Credgenics, expressed gratitude to the current investors for their unwavering support and trust in the company’s vision. Goel believes that their support will accelerate Credgenics’ growth and enable them to have a meaningful impact on the economic landscape of various countries, creating opportunities for financial well-being.
Anand Agrawal, co-founder, and CPTO of Credgenics highlighted the company’s commitment to harnessing the power of digital and emerging technologies to transform debt management and enhance the experience for lenders and borrowers. Agrawal added that strengthening the company’s partnership with existing investors is a strategic move that will enhance agility, convenience, and efficiency in the loan collections process.
Sumir Chadha, co-founder, and managing partner at WestBridge Capital acknowledged Credgenics’ remarkable growth and recognized the potential and dedication of the team. Chadha believes that Credgenics’ unique services and talented workforce will redefine the debt collections industry, leading to financial empowerment and growth.
Backed by prominent investors, Credgenics recently achieved operational profitability and reached a revenue of Rs 100 crore in the fiscal year 2022-23. The company currently has five offices in India, as well as branches in Jakarta and Singapore, with plans to open another branch in Vietnam.
In conclusion, Credgenics’ successful funding round will enable the company to continue its expansion and product innovation journey. By leveraging advanced technology and fostering strategic partnerships, Credgenics aims to revolutionize debt collections worldwide and empower individuals and businesses to regain control of their loan collections.
