Debt recovery software-as-a-service provider, Credgenics, has successfully secured $50 million in a Series B round funding. The funding drive was spearheaded by notable investors including WestBridge Capital, Accel, Tanglin Venture Partners, Beams FinTech Fund, and other key strategic backers. This infusion of capital values the company at $340 million and is earmarked for initiatives involving product innovation, international expansion, and the exploration of opportunities within the broader banking, financial services, and insurance (BFSI) sectors.
Credgenics, established in 2019, has redefined the loan collection process through its SaaS platform. Beyond digitizing the loan collection process, the platform also offers a suite of services encompassing analytics, litigation management, agent performance monitoring, a mobile app for field collections, and an AI-driven payments platform. Among its extensive client base are over 100 private banks, non-banking financial companies (NBFCs), fintech enterprises, and asset reconstruction firms. Notable clients include IIFL Finance, Mahindra Finance, ICICI Bank, HDFC Bank, DMI Finance, Hero Fincorp, TVS Credit, IREP Credit Capital, and Indifi.
Credgenics has experienced remarkable growth since its previous funding round in 2021, which valued the company at $100 million. In the fiscal year 2023, the company managed an overall loan portfolio worth $60 billion, overseeing 11 million retail loan accounts and facilitating 60 million digital communications monthly.
According to the company, Credgenics has enabled lenders to achieve a 20% increase in resolution rates, a 25% enhancement in collections, and a substantial 40% reduction in collections costs. The company has achieved operational profitability and reported an impressive revenue of Rs 100 crore in the fiscal year 2023. The company also boasts a presence in Jakarta, Singapore, and Vietnam.
Anand Agrawal, Co-founder and Chief Product and Technology Officer of Credgenics, stated, “We are currently in a phase of robust growth where we plan to introduce more innovative solutions and expand our global footprint, all while investing in product development.” Notable figures like Ashneer Grover (Third Unicorn), Abhimanyu Munjal (Hero Fincorp Group), Karthik Bhat (Force Ventures), Kushal Nahata, and Gautam Kumar (Fareye) participated in the startup’s Series A funding round.