10.August 2021 – Gurgaon-based Credgenics, an end-to-end SaaS-based debt resolution and an automated legal platform has announced that it raised USD 25 Million in a Series A funding round.
This financing round was led by investors Tanglin Ventures Partners, Accel Partners and Westbridge Capital with the participation of investors like Karthik Bhaat, Founder – Force Ventures; Ashneer Grover, founder and CEO, BharatPe; Kushal and Gautam, Founders of Fareye, and Abhimanyu Munjal, CEO and MD- Hero Fincorp Group.
After this funding round the company’s valuation is propelled by 5.5 times to USD 100 Million, since its last funding 6 months back.
The latest funding will be used in expanding the footprint of Credgenics in different demographics, power R&D, scaling operations across India, streamline the flow of work and improving client services.
Words from the investors –
Rishit Desai, Principal, West Bridge, said, “We admire the vision and leadership skills of Rishabh, Anand, and Mayank in pioneering the use of technology to improve the financial services collections processes. In a short period of time, they have been able to attract the most prestigious banks and NBFCs as their customers.”
“Credgenics is addressing a massive pain point for the Indian financial ecosystem. Their success across a range of customers including large banks, NBFCs and fintechs clearly demonstrates the comprehensive and versatile nature of their technology platform and solution offerings. Rishabh, Anand and Mayank are exceptional founders with deep product thinking and rare execution capabilities. At Tanglin, we are privileged and extremely excited to be partnering with them,” – Sankalp Gupta, Partner, Tanglin.
About Credgenics –
Credgenics was founded and established by Alumni of IIT-Delhi Anand Agrawal, Rishab Goel, and Mayank Khera, in 2018, having its headquarters in Gurgaon, Haryana. It aims to tackle India’s USD 200 Billion debt problems.
It has a workforce of more than 150 members, and it collaborates with 2200+ legal counsels pan India. Credgenics IDFC First, Kotak Bank, ICICI Bank, and Axis Bank, besides NBFCs like Clix Capital, Udaan, Moneytap, Moneyview, Loantap, IIFL Finance and few others.
Commenting on the new funding round, Rishabh Goel, Co-founder and CEO, Credgenics, said,
“In India, where the credit demand of more than $600 billion is being met through informal sources, digital lending is set to cross the $100 billion mark by the end of 2023. The increased disbursement of credit has led to a spike in the NPAs for both NBFCs and banks. The funds of the new financing round will be utilised to find experienced professionals across all levels and build a world-class leadership team. We will further upgrade the core offerings, enhance product developments, and boost the R&D.”
“The roadmap also includes International expansion beyond the Indian demographics. This includes a thorough R&D on the judiciary and fiscal measures prevalent there and then remedy their bad debts situation,” Rishabh added.
Anand Agrawal, Co-founder and CTO, Credgenics, added,
“We have built a full-stack technology infrastructure to digitise collection besides being equipped to handle volume mediations while improving overall debt collection efficiency. We provide a whole new lens with digitised collection solutions working seamlessly with an assisted data intelligent layer driven by AI/ML models built in-house. This funding would help us build the best product and technology team and unleash a set of new debt collection offerings.”
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