Credgenics Secures $50M in Series B Funding to Turbocharge Debt Collection Software Growth

• ByStartupStory     |    August 9, 2023

Credgenics, a startup that offers debt collection software to banks and non-banking financial companies (NBFCs), has successfully secured $50 million in its Series B funding round. The funding was led by WestBridge Capital and Accel Partners, indicating strong investor interest despite a slowdown in funding activity. Additional participants included Tanglin Ventures, Beams Fintech Fund, and other strategic investors.

The company’s statement on August 9 outlined its intention to allocate the funds towards product innovation, expanding its international presence, and venturing into other segments within the banking, financial services, and insurance (BFSI) industry. Co-founder Rishabh Goel expressed that these resources will enable Credgenics to introduce its innovative debt recovery solutions to new markets, assisting individuals and businesses worldwide in managing their loan collections.

“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,” cofounder Rishabh Goel said.

Since its previous fundraising round in 2021, this Series B round has elevated Credgenics’ valuation to $340 million. Established in 2019 by Rishabh Goel, Anand Agrawal, and Mayank Khera, Credgenics provides loan collection and debt-resolution technology platforms to global banks, NBFCs, and fintech companies. The startup collaborates with over 100 customers, overseeing 11 million retail loan accounts and facilitating 60 million digital communications each month.

Credgenics’ Software-as-a-Service (SaaS) platform features debt resolution solutions such as digital collections, collections analytics, litigation management, a field collections mobile app, agent performance management, and payment platforms that utilize AI-driven intelligent automation and machine learning models. Notable clients of Credgenics include IIFL Finance, Mahindra Finance, ICICI Bank, HDFC Bank, DMI Finance, Hero Fincorp, TVS Credit, IREP Credit Capital, and Indifi.

“Credgenics has recently turned operationally profitable and reached revenue of Rs 100 crore in the FY 2022-23…The company now has five offices in India and two others in Jakarta and Singapore, with another one set to open in Vietnam,” Goel said.

In August 2021, Credgenics had previously secured $25 million in a Series A funding round led by WestBridge Capital, Tanglin Venture Partners, and Accel Partners. During the Series A round, the company was valued at $100 million.

“With AI at its forefront, what Credgenics is doing is truly exceptional. Its unique services and talented workforce are poised to put the company on the map for success and change the face of the debt collections industry for the better,” said Sumir Chadha, co-founder & managing partner, WestBridge Capital.

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