Credgenics in Advanced Talks to Raise New Round Valued at $250-300 Million
- ByStartupStory | May 10, 2023
Credgenics, a platform for debt recovery and legal automation, is reportedly in talks for a new funding round led by both new and existing investors. According to anonymous sources familiar with the matter, “the company is finalizing the round at a valuation that could range from $250 million to $300 million, with Westbridge expected to be the leading investor”.
Last August, Credgenics, which is based in Noida, raised $25 million in a Series A funding round led by Westbridge Capital, Tanglin Venture Partners, and Accel Partners. Following the funding, the company was valued at $100 million.
Sources suggest that Credgenics plans to raise between $40 million to $50 million in its new funding round, which will be used for expansion purposes. There has been no response from the company or Westbridge in response to queries. If a response is received, this story will be updated accordingly.
Credgenics offers cutting-edge technology solutions for loan collections and debt recovery to various financial institutions such as banks, non-banking finance companies, digital lending firms, and asset reconstruction companies worldwide. By leveraging its SaaS technology, the company enables lenders to enhance their resolution rates, streamline collection processes, and minimize non-performing loans.
Credgenics counts ICICI, Kotak Bank, Axis Bank, and several non-banking financial companies like IIFL Finance, DMI Finance, Loantap, Udaan, and MoneyTap, among its clients. The company states that it has managed 40 million retail loans and handled an overall loan book worth $47 billion in FY22.
Credgenics reported revenue from operations of Rs 32.54 crore for the fiscal year ending in March 2023 (FY22), with losses totaling Rs 8.26 crore. However, the company has since declared that it achieved profitability and generated approximately Rs 100 crore in revenue during FY23. Credgenics has set a revenue target of Rs 240 crore for FY24.
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