Debt collection SaaS startup Credgenics has successfully secured $50 million in a Series B funding round, valuing the company at $340 million. The round was led by prominent investors including Westbridge Capital, Accel, Tanglin Ventures, Beams Fintech Fund, and other strategic backers.
Credgenics Fueling Innovation and Expansion
The capital infusion will play a pivotal role in fueling Credgenics’ product innovation and enrichment efforts, driving international business expansion, and facilitating entry into various segments of the BFSI (Banking, Financial Services, and Insurance) industry.
A Disruptive Debt Collection Solution
Founded in 2018 by Rishabh Goel, Anand Agrawal, and Mayank Khera, Credgenics offers an advanced technology platform for loan collections and debt resolution. The startup serves banks, non-banking finance companies, and fintechs. Operating in both the Indian and Southeast Asian markets, Credgenics has established itself as a disruptive force in the debt collection domain.
Impressive Clientele and Financial Milestones
Credgenics’ impressive clientele includes major names such as IIFL Finance, Mahindra Finance, ICICI Bank, HDFC Bank, DMI Finance, Hero Fincorp, TVS Credit, IREP Credit Capital, and Indifi. In FY22, the fintech SaaS startup claims to have influenced an overall loan book valued at $47 billion. The company’s operational success has translated into operational profitability and a revenue of INR 100 crore ($12.1 million) in FY23.
Credgenics Navigating a Growing Market Landscape
Credgenics is innovating and expanding, but it competes with Receeve, CreditMate, and Credility in debt collection software. Research And Markets foresee growth, predicting India’s debt collection software market to hit $296.08 million by 2028, with a 9.18% CAGR.
Credgenics, the Indian startup, has achieved a remarkable fundraising feat. This happens during an interesting time for the Indian startup scene. Funding for the ecosystem decreased by 65% YoY in July 2023, amounting to $394 million. Despite this decline, the startup stands out by securing one of the significant funding rounds this year. This highlights its attractiveness and potential to investors. As Credgenics moves forward, it plans to use its strategic partnerships and investments. The aim is to bring in creative solutions and expand its global presence in the ever-changing debt collection technology field.
