Moneycontrol PRO
Upcoming Webinar:Watch a panel of experts discuss: Challenges of continuously evolving regulation for Cryptocurrency, on 7th July at 3pm. Register Now
you are here: HomeNewsBusiness

Credgenics gets Rs 27 crore from Accel Partners, DMI Alternatives, Titan Capital and a host of angel investors

Given the country is sitting on a massive pile up of bad loans, Credgenics is looking to automate and digitise the loan recovery process, it works with banks and NBFCs to help resolve its outstanding debts amicably and speed up resolutions

November 25, 2020 / 05:51 PM IST

Debt resolution startup Credgenics has raised $3.5 million (Rs 27 crore) in equity funding in a pre-series A round from Accel Partners, DMI Alternatives along with the participation of Tital Capital. Other angel investors have also participated in the round including the likes of Kunal Shah, founder of Cred, Sumit Maniyar, founder of Rupeek, Ramakanth Sharma, founder of Livspace and multiple other prominent entrepreneurs of the startup world.

Credgenics is involved in the business of bringing in debt resolution for banks and NBFcs with regards to errant borrowers. The company uses technology in order to help speed up resolution and also increase rates of such resolutions by as much as 22%.

Founded in 2018 by IIT Delhi Alumni, Rishabh Goel, Anand Agrawal and Mayank Khera, Credgenics is a SaaS-based collection and legal automation platform aiming to solve India’s $200 billion bad debt problem. It works with major private sector banks - ICICI Bank, IDFC First, Axis Bank and Yes Bank besides more than 32 NBFCs like Loantap, DMI Finance, Clix Capital, Udaan, Moneytap, Moneyview etc to help them in their collections.

“With default rates touching 60% in India due to Covid-19 pandemic, lenders are looking to contain and manage collections effectively. We are the only ones with a full stack technology infrastructure to digitise their collection and legal process besides being equipped to handle volume collections while improving overall efficiency,” said Rishabh Goel, chief executive officer, Credgenics.

The company is hoping to use the fresh funds to expand its product base, strengthen its research and development activities and expand operations across India.

The startup has built a huge network of freelance dispute resolution specialists who independently assist NBFCs, banks, ARCs and fintech players, settle disputes amicably with their borrowers. It currently manages over Rs 150 crore of debt on its platform.
Moneycontrol News
Tags: #funding
first published: Nov 25, 2020 06:15 pm
ISO 27001 - BSI Assurance Mark