Credgenics will use the additional funds for product innovation and enrichment, international business expansion, and capturing other BFSI industry segments
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Debt resolution platform Credgenics on Wednesday, August 9, said it has raised $50 million (about Rs 414 crore) in a Series-B funding round led by Westbridge Capital, Accel, Tanglin Ventures, Beams Fintech Fund and other strategic investors.
The company, valued now at $340 million (nearly Rs 2,816 crore), will use the additional funds for product innovation and enrichment, international business expansion, and capturing other BFSI industry segments, Credgenics said in a statement.
Since its launch in 2019, Credgenics has established a formidable presence in the Indian market and is breaking ground in the Southeast Asian region. With a steadfast commitment to reimagine debt collections through digitisation and analytics, the company has seen a remarkable 7x growth rate, since its last fundraise in 2021, Credgenics said.
“Credgenics is working with over 100 leading 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,” Credgenics said in the statement.
The company has touched an overall loan book worth $47 billion in FY22. The SaaS-driven platform offers a comprehensive suite of debt resolution solutions, including digital collections, collections analytics, litigation management, field collections mobile app, agent performance management, and payments platform that use AI-driven intelligent automation and machine learning models to deliver highly efficient collections.
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Rishabh Goel, co-founder and CEO of Credgenics, said, “We express our gratitude to our current investors for their unwavering support and trust in our vision. Their support propels us towards our mission of global expansion and fostering India’s financial growth.”
He added that with these resources, the company can extend its innovative debt recovery solutions to new markets, empowering individuals and businesses worldwide to regain control of their loan collections. “This funding not only accelerates our growth but also enables us to make a meaningful impact on the economic landscape of countries, unlocking new opportunities for financial well-being.”
Anand Agrawal, co-founder & CPTO of Credgenics, said, “At Credgenics, we are committed to harnessing the power of digital and emerging technologies for transforming the way debts are managed while ensuring a seamless experience for lenders and borrowers. We are in a prime growth phase where we plan to introduce more innovative solutions and expand our footprint in other countries as well as invest in product development.”
He added that strengthening the company’s partnership with its existing investors is a strategic decision that will help it bring more agility, convenience and efficiency to the loan collections process.
Sumir Chadha, co-founder and managing partner at WestBridge Capital, said, “As steadfast investors in Credgenics’ remarkable growth, we recognise the immense potential and unwavering dedication of this visionary team. With AI at its forefront, what Credgenics is doing is truly exceptional.”
Chadha said its unique services and talented workforce are poised to put the company on the map for success and change the face of the debt collections industry for the better. “As we stand beside Credgenics, we embrace the opportunity to reshape the future of debt recovery, together, paving the way for financial empowerment and growth.”
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Backed by Westbridge Capital, Accel, Beams Fintech Fund, Tanglin Venture Partners, and other strategic investors, Credgenics recently turned operationally profitable and reached a revenue of Rs 100 crore in FY 2022-23. The company now has five offices in India and two others in Jakarta and Singapore, with another one set to open in Vietnam.
