Startup funding: SaaS-based debt collections platform Credgenics, on Wednesday, announced raising $50 million in a series B funding round led by investors such as Westbridge Capital, Accel, Tanglin Ventures, Beams Fintech Fund and other strategic investors. The latest round takes the company’s valuation to $340 million, up 3.4X from the previous round in 2021.
The company said it plans to utilise the capital for product innovation and enrichment, international business expansion, and capturing other BFSI industry segments. Since the last round, Credgenics said it has grown 7x.
Credgenics provides loan collections and debt resolution AI-based SaaS technology services to banks, non-banking financial institutions, fintechs, and asset restructuring companies. The customer base of Credgenics includes organizations such as HDFC Bank, IIFL Finance, Mahindra Finance, ICICI Bank, DMI Finance, Hero Fincorp, TVS Credit, IREP Credit Capital and Indifi, among others, with an overall loan book of $47 billion in FY22. Credgenics had turned profitable in the financial year 2022-23 and reached a revenue of Rs 100 crore.
Rishabh Goel, Co-Founder & CEO, of Credgenics, said, “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.”
The services on the platform include debt resolution solutions, including digital collections, collection analytics, litigation management, field collections mobile app, agent performance management, and a payments platform that uses AI-driven intelligent automation and machine learning models.
Sumir Chadha, Co-Founder & Managing Partner, WestBridge Capital said, “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.”
