Credgenics Secures Rs 414 Crore in Series-B Funding

The debt resolution platform called Credgenics announced on August 9th that it has raised $50 million (approximately Rs 414 crore) in a funding round. The funding was led by Westbridge Capital, Accel, Tanglin Ventures, Beams Fintech Fund, and other investors.

Credgenics, which is now valued at $340 million (about Rs 2,816 crore), plans to use the additional funds for various purposes, including developing new products, expanding its business internationally, and entering other segments of the BFSI industry.

Since its launch in 2019, Credgenics has become a strong presence in the Indian market and is also making progress in Southeast Asia. The company has shown impressive growth, increasing seven times since its last fundraising round in 2021.

Credgenics collaborates with over 100 prominent private banks, non-banking financial companies, fintech firms, and asset reconstruction companies, including names like IIFL Finance, Mahindra Finance, ICICI Bank, HDFC Bank, and others.

The company's total loan book for the fiscal year 2022-23 amounted to $47 billion. They offer a range of debt resolution solutions driven by software-as-a-service (SaaS) technology, including digital collections, analytics, litigation management, a mobile app for field collections, agent performance management, and a payments platform. These solutions incorporate AI-driven automation and machine learning to improve collections efficiency.

Credgenics' co-founder and CEO, Rishabh Goel, expressed gratitude to current investors and highlighted their support in achieving the company's global expansion and contributing to India's financial growth.

The company aims to extend its debt recovery solutions to new markets, helping individuals and businesses worldwide regain control of their loan collections. The funding is expected to accelerate Credgenics' growth and enable it to make a positive impact on the economies of various countries.

Anand Agrawal, co-founder and CPTO of Credgenics, emphasized their commitment to using digital and emerging technologies to transform debt management and provide a seamless experience for lenders and borrowers. He also mentioned plans for introducing more innovative solutions and expanding their presence in other countries.

Sumir Chadha, co-founder and managing partner at WestBridge Capital, praised Credgenics' growth and dedication. He highlighted the exceptional nature of Credgenics' work, particularly its use of AI.

Credgenics has gained operational profitability with the support of its investors and achieved a revenue of Rs 100 crore in the fiscal year 2022-23. The company has expanded its operations to multiple offices in India, Jakarta, and Singapore, and is preparing to open another office in Vietnam.