● Valuation zooms 3.4x to USD 340 million from last fund raise
● Round led by existing investors Westbridge Capital and Accel
● Achieved 7x growth in revenue and turned operationally profitable
● Funds will fuel product innovation, expansion in SouthEast Asia and other industry segments
India, 9th Aug 2023: Credgenics, A leading provider of SaaS based debt collections and resolution technology platform globally, has raised USD 50 million 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 USD 340 million, will use the additional funds for product innovation and enrichment, international business expansion, and capturing other BFSI industry segments.
Since its launch in 2019, Credgenics has established a formidable presence in the Indian market and is breaking ground in the SouthEast Asia region. With a steadfast commitment to reimagine debt collections through digitization and analytics, the company has seen a remarkable 7x growth rate, since its last fundraise in 2021. Credgenics continues to disrupt the collections landscape, driving innovation and delivering tremendous business value to its customers from the banking and financial services industry.
Credgenics is working with 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. The company has touched an overall loan book worth USD 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.
Speaking on the announcement, Rishabh Goel, Co-Founder & CEO, 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. With these resources, we can extend our 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, 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. Strengthening our partnership with our existing investors is a strategic decision that will help us bring more agility, convenience and efficiency to the loan collections process.”
Sumir Chadha, Co-Founder & Managing Partner, WestBridge Capital said, “As steadfast investors in Credgenics’ remarkable growth, we recognize the immense potential and unwavering dedication of this visionary team. With AI at its forefront, what Credgenics is doing is truly exceptional. 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.”
Pratik Agarwal, Principal, Accel, said,“We are proud to continue supporting Credgenics in their journey as they lead the way in SaaS-based debt collections. Their innovative approach, leveraging cutting-edge technology and analytics, has demonstrated immense potential and delivered impressive results. As existing investors, we are excited to be a part of Credgenics’ next funding round, confident in their ability to transform the industry and drive sustainable growth. We look forward to witnessing their continued success and the positive impact they will make in the world of debt collections.”
Backed by Westbridge Capital, Accel, Beams Fintech Fund , Tanglin Venture Partners, and other strategic investors, Credgenics has recently turned operationally profitable and reached a revenue of INR 100 crore in the FY 2022-23. Since its inception, Credgenics has built on its commitment to driving innovation and operational excellence in collections. The company now has five offices in India and two others in Jakarta and Singapore, with another one set to open in Vietnam.
About Credgenics: Credgenics is the leading provider of Loan Collections and Debt Resolution technology platform to Banks, Non-banking finance companies, FinTechs, and ARCs worldwide. The AI-powered SaaS-based platform has been recognized twice as the #1 Best Selling Loan Collections Platform in India by IBS Intelligence in their Annual Sales League Table 2022 and 2023. Credgenics works with more than 100 customers and touched an overall loan book worth USD 60 Billion in FY23. It handles 11 mn retail loans accounts and sends 60 million digital communications every month. With Credgenics, lenders have increased resolution rates by 20%, improved collections by 25%, reduced collections costs by 40%, reduced collections time by 30%, and improved legal efficiencies by 60%. https://www.credgenics.com/