Credgenics Raises $50M in Series B Funding for Debt Recovery Tech

Credgenics, an Indian debt recovery and legal automation platform, has secured $50 million in a Series B funding round. The funding was led by Westbridge Capital and Accel, with participation from Tanglin Ventures, Beams Fintech Fund, and other strategic investors.

This infusion of capital propels the Noida-based startup’s total funds raised to an impressive $78 million and values the company at a remarkable $350 million. The funding will set the stage for Credgenics’ strategic initiatives to propel its technological innovation, expand its international footprint, and capture untapped segments within the BFSI industry.

Credgenics, founded in 2019, has been at the forefront of providing advanced loan collections and debt recovery technology solutions to various financial institutions, including banks, non-banking finance companies, and digital lending firms in India and globally.

The platform leverages state-of-the-art SaaS technology to enhance resolution rates, optimize collection efficiency, and mitigate non-performing loans for lenders.

A Growing Roster of Collaborations

The startup’s impressive clientele includes prominent names such as ICICI Bank, Kotak Bank, IDFC First, and Axis Bank, along with multiple NBFCs and fintech players like IIFL Finance, DMI Finance, Loantap, and MoneyTap.

It’s no surprise that the company presently oversees a staggering 11 million retail loan accounts and boasts an overall loan book worth an impressive $47 billion as of FY22.

Credgenics has revealed that it recently achieved operational profitability, with an impressive INR 100 crore in revenue for the fiscal year 2023. While audited financial statements for FY23 are pending, the company reported INR 32.54 crore in income from operations during FY22, accompanied by a loss of INR 8.26 crore.

Rishabh Goel, Co-Founder and CEO of Credgenics expressed gratitude to existing investors for their unwavering support and emphasized the company’s mission to foster global financial growth.

Goel 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 accelerates our growth and enables us to make a meaningful impact on the economic landscape of countries, unlocking new opportunities for financial well-being.”

Path to Operational Profitability and Revenue Milestones

Credgenics’ successful funding round has reaffirmed its commitment to innovation and positioned it as a commendable force within the debt recovery domain.

Anand Agrawal, Co-Founder and CPTO of Credgenics, emphasized the platform’s commitment to leveraging emerging technologies to transform debt management while ensuring a seamless experience for lenders and borrowers. This growth phase would see the introduction of more innovative solutions, expanding the company’s global footprint and investing in product development.

With plans for international business expansion, product enrichment, and reaching new segments within the BFSI industry, Credgenics is unlocking financial opportunities and empowerment across the globe.

Sumir Chadha, Co-Founder and Managing Partner of WestBridge Capital, and Pratik Agarwal, Principal at Accel, both expressed their pride in supporting Credgenics on its journey.

Chadha recognized the potential of Credgenics’ AI-powered services to reshape the debt collections industry positively. Agarwal praised the company’s innovative approach and ability to drive sustainable growth and transform the industry.

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