Credgenics raises $50 mn series B funding

Chennai: Credgenics, makers of software for debt collections and resolution, on Wednesday raised $50 million in a Series B funding round led by Westbridge Capital, Accel, Tanglin Ventures, Beams Fintech Fund and other strategic investors. The company, now valued at $340 million post the round, says its valuation zoomed 3.4x with this round, and plans to use the funds for product innovation, international business expansion, and capturing other BFSI industry segments.Reinventing debt collections through digitisation and analytics, the company claims it clocked a revenue of Rs 100 crore in the financial year 2022-23, resulting in 7x growth over the past 18 months. It also reports turning operationally profitable recently. Since its last fundraise in 2021, the company has also expanded internationally in the SEA region.Credgenics is working with 100+ leading private banks, non-banking financial companies, fintechs and Asset Reconstruction Companies including IIFL Finance, Mahindra Finance, ICICI Bank, HDFC Bank, DMI Finance, TVS Credit, and more. The company has touched an overall loan book worth $60 billion in FY23.The SaaS-driven platform offers a suite of debt resolution solutions, including digital collections, collections analytics, litigation management, field collections mobile app, agent performance management, and payments platform that use AI and Machine Learning models to deliver efficient collections. “With Credgenics, lenders have increased resolution rates by 20%, improved collections by 25%, reduced collections costs by 40%, reduced collections time by 30%, and improved legal efficiencies by 60%,” the company said.