A Series-B fundraising round headed by Westbridge Capital, Accel, Tanglin Ventures, Beams Fintech Fund, and other strategic investors netted Credgenics, a platform for debt settlement, $50 million (about Rs 414 crore), on Wednesday, August 9.
The new money will be used for product innovation and enrichment, worldwide business growth, and capturing other BFSI market areas, according to a statement from Credgenics. The firm is now valued at $340 million (about Rs 2,816 crore).
Since its debut in 2019, Credgenics has had a significant impact on the Indian market and is making waves in Southeast Asia. The firm has had a spectacular 7x growth rate since its previous funding round in 2021 because to its unwavering dedication to rethink debt collections via digitalisation and analytics, according to Credgenics.
In a statement, Credgenics stated that it collaborates with more than 100 top private banks, non-banking financial institutions, fintechs, and asset reconstruction firms. These firms include IIFL Finance, Mahindra Finance, ICICI Bank, HDFC Bank, DMI Finance, Hero Fincorp, TVS Credit, IREP Credit Capital, and Indifi.
In FY22, the business reached a total loan book value of $47 billion. With the help of AI-driven intelligent automation and machine learning models, the SaaS-driven platform provides a full range of debt resolution options, including digital collections, collections analytics, litigation management, field collections mobile apps, agent performance management, and payments platforms. These solutions all work to deliver extremely effective collections.
Credgenics’ co-founder and CEO, Rishabh Goel, said: “We express our thanks to our present investors for their ongoing support and faith in our mission. Their assistance helps us advance in our goal of expanding globally and promoting India’s financial development.
He continued by saying that the firm can expand its cutting-edge debt recovery solutions to new areas with the help of these resources, giving people and companies all across the globe the ability to take back control of their loan collections. This investment not only helps us expand faster, but it also makes it possible for us to have a significant effect on the economies of other nations, creating new chances for financial security.
“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,” said Anand Agrawal, co-founder and chief product officer of the company. We are in a period of rapid expansion during which we want to provide more cutting-edge solutions, expand our presence in other nations, and spend money on product development.
He continued by saying that the company’s choice to fortify its relationship with its current investors is one that would help it increase the flexibility, convenience, and efficiency of the loan collection process.
“As steadfast investors in Credgenics’ remarkable growth, we recognize the immense potential and unwavering dedication of this visionary team,” said Sumir Chadha, co-founder and managing partner at WestBridge Capital. What Credgenics is doing is very extraordinary, putting AI at the forefront.
According to Chadha, the firm is positioned for success and to transform the debt collecting sector for the better because to its distinctive services and skilled team. We welcome the chance to redefine the future of debt recovery together as we stand with Credgenics, paving the route for financial empowerment and progress.
Credgenics, which has the financial support of Westbridge Capital, Accel, Beams Fintech Fund, Tanglin Venture Partners, and other key investors, has achieved operational profitability and expects to generate Rs 100 crore in revenue in FY 2022–23. The business now has five offices in India, along with two in Jakarta and one each in Singapore and Vietnam.
