Credgenics, a SaaS-based end-to-end debt resolution and legal automation platform, has received US$25 Million in the Series-A round and multiplied its valuation by 5.5 times to $100 million within just 6 months from its last fundraise.
The financing round is led by reputed investors Westbridge Capital and Tanglin Venture Partners, along with the participation of marquee investors Ashneer Grover, Founder & CEO – BharatPe, Abhimanyu Munjal, MD & CEO – Hero Fincorp Group, Karthik Bhat, Founder – Force Ventures, Kushal and Gautam, Founders – Fareye.
This round was also co-led by existing investor Accel Partners.
The company works with 07 leading and prominent banks like ICICI Bank, IDFC First, Axis Bank, and Kotak Bank, besides 40+ marquee NBFCs like IIFL Finance, Loantap, DMI Finance, Clix Capital, Udaan, Moneytap, Moneyview, among others.
In 2020, Credgenics raised $3.5 million in a pre-Series-A round led by Accel Partners, DMI Alternatives fund with participation from then existing investors Titan Capital.
Commenting on the new financing round, Rishabh Goel, Co-Founder & CEO, Credgenics, said, “We are really excited to have such marquee investors on board to back us and invest in our vision. In India, where the credit demand of more than $600 billion is being met through informal sources, digital lending is set to cross the $100 billion mark by the end of 2023. The increased disbursement of credit has led to a spike in the NPAs for both NBFCs and banks. The funds of the new financing round will get utilised to find experienced professionals across all levels and build a world-class leadership team. We will further upgrade the core offerings, enhance product developments, and boost the R&D. The roadmap also includes International expansion beyond the Indian demographics. This includes a thorough R&D on the judiciary and fiscal measures prevalent there and then remedy their bad debts situation.”
Anand Agrawal, Co-founder & CTO, Credgenics, added, “We are very excited to have Westbridge and Tanglin joining us, and in the confidence of our earlier investors reinforced during this round in our journey towards building the end-to-end collections platform and revolutionizing the debt collection sector. We have built a full stack technology infrastructure to digitize collection besides being equipped to handle volume mediations while improving overall debt collection efficiency. We provide a whole new lens with digitized collection solutions working seamlessly with an assisted data intelligent layer driven by AI/ML models built in-house. This funding would help us build the best product and technology team and unleash a set of new debt collection offerings.”
Rishit Desai, Principal, West Bridge, said, “We’re delighted to foster a new relationship with the Credgenics team. We strongly believe that Credgenics platform will help financial services organization improve their collections processes and the financial burden of rising Non-performing Assets. We admire the vision and leadership skills of Rishabh, Anand, and Mayank in pioneering the use of technology to improve the financial services collections processes. In a short period of time, they have been able to attract the most prestigious banks and NBFCs as their customers. We’re grateful for this partnership and look forward for a deeper bond in the future,”
“Credgenics is addressing a massive pain point for the Indian financial ecosystem. Their success across a range of customers including large banks, NBFCs and fintechs clearly demonstrates the comprehensive and versatile nature of their technology platform and solution offerings. Rishabh, Anand and Mayank are exceptional founders with deep product thinking and rare execution capabilities. At Tanglin, we are privileged and extremely excited to be partnering with them” said Sankalp Gupta, Partner, Tanglin.
