Credgenics is India’s one of a kind recovery and technology-enabled debt collection platform. The company works with several financial technology companies, banks and other financial institutions and help them in reducing their critical Non-Performing Assets.
In company’s recent events, it has announced to raise INR 27 crore which translates to USD 3.5 million in its latest Pre-Series A funding round which was reportedly led by US-based Venture Capital firm, Accel Partners and DMI Finance- one of India’s leading Asset Management Companies.
According to reports, the funding round also received participation from Credgenics’ existing investor, Titan Capital and other Angel investors like Nitin Gupta: ex-Founder- PayU, Kunal Shah: Founder- CRED, Sumit Maniyar: Founder- Rupeek, Dilip Khandelwal: MD- Deutsche Bank, Kartik Bhat from Ubiquity Capital, Ramakanth Sharma: Co-founder- Livspace.
Credgenics was founded back in 2018 by Mayank Khera, Anand Agarwal and Rishabh Goel and the company aims to solve one of India’s biggest concerns of having over USD 200 million bad debts.
As mentioned earlier, the debt collection company works with multiple fintech companies and several financial institutions including well-established private sector banks like Axis Bank, ICICI Bank, Yes Bank and IDFC Bank. Other than this, Credgenics partners with over 32 Non-Banking Financial Companies (NBFCs) including Udaan, Moneyview, MoneyTap, DMI Finance and many more.
Rishabh Goel, CEO and Co-founder, Credgenics mentioned in a statement that this latest infusion of funds will be efficiently utilised to enhance the company’s product development and strengthen their Research and Development Unit, overall aiming to scale the operations across India.
“With default rates touching 60 percent in India due to COVID-19 pandemic, lenders are looking to contain/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,” added Rishabh Goel according to YourStory.
Furthermore, the company mentions that they accelerate the debt recovery process with their new and creative means of tracking and communicating with defaulters. Existing data is used to speed up the process and communication is tracked by different modes and means.
Well, Debt management and recovery have always been a task for companies and financial institutions as the profound traditional means of lending and loaning have remained un-digitized until now. The manual processing and follow-ups are unbothered disruptions in the path of efficiency and Credgenics enters the market with the solution of this problem.
Pratik Agarwal, Vice-President, Accel Partners calls Credgenics as a “thought leader in the space.”