Credgenics, a debt collection SaaS platform, has raised $50 million in a Series B round led by WestBridge Capital, Accel, Tanglin Venture Partners, Beams FinTech Fund, and other strategic investors.
The company raised the fresh round at a $340 million valuation. It plans to use the funds for product development and international expansion, as well as to expand into other BFSI (banking, financial services, and insurance) markets.
“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,” said Rishabh Goel, Co-founder and CEO, Credgenics.
The SaaS platform, which was launched in 2019, digitises the loan collection process while also offering services such as analytics, litigation management, agent performance management, a field collection mobile app, and an AI-driven payments platform.
Over 100 private banks, NBFCs, fintech firms, and asset reconstruction companies use the company’s services, including IIFL Finance, Mahindra Finance, ICICI Bank, HDFC Bank, DMI Finance, Hero Fincorp, TVS Credit, IREP Credit Capital, and Indifi.
Credgenics claims to have grown seven times since its last fundraise in 2021 at a valuation of $100 million. In FY23, it handled 11 million retail loan accounts and sent 60 million digital communications per month, for an overall loan book of $60 billion.
“With Credgenics, lenders have increased resolution rates by 20%, improved collections by 25%, reduced collections costs by 40%,” said the company.
Credgenics, which has offices in Jakarta, Singapore, and Vietnam, said it turned operationally profitable in FY23 and reported revenue of Rs 100 crores.
“We are in a prime growth phase where we plan to introduce more innovative solutions and expand our footprint in other countries as well as invest in product development,” said Anand Agrawal, Co-founder and Chief Product and Technology Officer, Credgenics.
Ashneer Grover (Third Unicorn), Abhimanyu Munjal (Hero Fincorp Group), Karthik Bhat (Force Ventures), Kushal Nahata and Gautam Kumar (Fareye) had placed their bets in the startup during the Series A round.