Credgenics, a startup offering debt collection software to banks and non-banking finance companies (NBFCs), has raised $50 million in its Series B funding round led by WestBridge Capital and Accel Partners, bucking the slowdown in funding activity.
The round also saw participation from Tanglin Ventures, Beams Fintech Fund and other strategic investors.
The company plans to use the funds for product innovation, international business expansion and entering other banking, financial services and insurance (BFSI) industry segments, it said in a statement on August 9.
"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.
The round brings Credgenics' valuation to $340 million since its last fundraise in 2021.
Founded in 2019 by Goel, Anand Agrawal and Mayank Khera, Credgenics is a provider of loan collections and debt-resolution technology platforms to banks, NBFCs and fintechs across the globe.
Credgenics works with more than 100 customers. It handles 11 million retail loan accounts and sends 60 million digital communications a month, the firm said.
The SaaS platform also offers debt resolution solutions including digital collections, collections analytics, litigation management, field collections mobile app, agent performance management, and payments platforms that use AI-driven intelligent automation and machine learning models, it said.
Its customers 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, Credegenics announced a Series A funding round of $25 million led by Westbridge Capital, Tanglin Venture Partners and Accel Partners. The company was valued at $100 million in the Series A round.
“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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