- Credgenics raised US$50m in a Series B funding round.
- Valuation now stands at around US$340m, a threefold increase since the last funding round.
- Leading investors include Westbridge Capital, Accel, Beams Fintech Fund, Tanglin Ventures, Tital Capital, and DMI Finance.
Company Growth and Vision
Founded in 2018 by Rishabh Goel, Anand Agrawal, and Mayank Khera, Credgenics, an India-based fintech startup, has seen a tremendous rise in its revenue, growing it by sevenfold and achieving operational profitability in a short span of time. This achievement comes on the back of Credgenics establishing a strong presence in India and eyeing expansion in Southeast Asia. The company has collaborated with over 100 entities in the BFSI (Banking, Financial Services, and Insurance) sector, including private banks, non-banking financial companies, and fintech firms, to deliver optimized resolutions for the consumer debt.
Performance Metrics:
- Handled 40 million retail loans to date.
- Sends out 60 million digital communications monthly.
- Achieved a 20% increase in resolution rates.
- Enhanced collections by 25% and reduced costs by 40%.
- Minimized collection time by 30% and improved legal efficiencies by 60%.
Executives Speak
Rishabh Goel, Co-Founder & CEO of Credgenics, conveyed his gratitude towards the investors and articulated the company’s vision. He commented, “With these resources, we can extend our innovative debt recovery solutions to new markets, empowering individuals and businesses worldwide.” He emphasized the aim to make a substantial impact on the economic landscapes of various countries, ushering in financial growth.
Co-founder Anand Agrawal highlighted the company’s strategic growth, mentioning its intent to introduce innovative solutions and expand its global footprint. He stated, “We are focused on ushering in a new era of debt collections through innovation and rapid adoption of digital technology.”
Investor Insights
Sumir Chadha from WestBridge Capital expressed his optimism about the potential Credgenics holds. He emphasized how the company, with AI at its core, is redefining the debt collections landscape. WestBridge, he noted, sees a promising future in collaborating with Credgenics to reshape the global debt recovery sector.
Beams Fintech Fund, having made a significant investment in this round, plans to maximize its ecosystem to foster Credgenics’ growth. The fund aims to provide Credgenics access to its banking network and a portfolio of over 250 startups, opening doors for potential partnerships, collaborations, and even acquisitions. Sagar Agarwal, from Beams, mentioned, “Credgenics is a market leader today in collections plug-and-play SaaS space.”
Conclusion
As digital lending platforms proliferate and the dynamics of debt collection evolve, companies like Credgenics, with innovative solutions and robust investor backing, are poised to redefine the debt collection sector, merging traditional practices with digital innovation for a more efficient and effective process.
In this age of rapid digital transformation, traditional sectors like debt collection are witnessing an overhaul. The need for such a revolution becomes evident when one observes the shifting dynamics of the lending landscape. As more people turn to digital platforms for their financial needs, it becomes imperative for institutions to adapt, ensuring that their recovery methods align with this new mode of operation.
