India, first of its kind debt resolution platform Credgenics, which combines the power of Data Science and AI, has now secured a seed funding round led by the Titan Capital – a fund led by the Snapdeal founder Rohit Bansal and Kunal Bahl.
The startup will now be going to utilize the funds to scale its operations in all the metro cities of India, strengthen its R&D on product development and to acquire new customers.
The startup is founded by the IIT-Delhi Alumni’s and eminent lawyers Anand Agarwal, Mayank, and Rishabh Goel.
Credgenics is India’s only technology enabled platform for resolution of non-performing assets in the larger BFSI and fintech lending space.
Expressing his delight at the seed round, an investment banker turned entrepreneur Rishabh Goel, CEO and Co-founder, Credgenics, said,
“With the boom in the lending segment, the loan defaults are also increasing at an exponential pace, and we have observed that the problem in India is not on lending, but on the collections side, since it is easier to give the money than take it back. We are focussing on improving the collections efficiency by leveraging technology, and are already in discussions with the big banks to deploy our platform to streamline their collection processes and reduce their NPAs (Non-Performing Assets).”