Indian SaaS-based debt resolution startup nets $25m in series A round

Credgenics, an India-based debt resolution startup, has raised US$25 million in its series A round. This pushes the SaaS startup’s valuation to US$100 million – 5.5x higher than the valuation from its last fundraise.

The latest funding round was led by Westbridge Capital, Tanglin Venture Partners, and existing backer Accel Partners. Angel investors like BharatPe founder and CEO Ashneer Grover and Hero Fincorp Group managing director and CEO Abhimanyu Munjal also chipped in.

(L-R) Rishabh Goel (Co-Founder and CEO) Mayank Khera (Co-Founder) Anand Agrawal (Co-Founder and CTO), Credgenics / Photo credit: Credgenics

The company said it would use the fresh capital to strengthen its R&D infrastructure, expand into new demographics, and scale its operations in India, among others.

Credgenics provides SaaS-based debt resolution and legal automation services, managing 15.8 billion rupees (US$2 billion) of debt on its platform. Since its launch in 2018, the company now works with major banks like ICICI Bank, IDFC First, Axis Bank, and Kotak Bank, along with non-bank financial institutions such as MoneyTap, Udaan, and DMI Finance to improve debt resolution rates.

Credgenics last year raised US$3.5 million in a pre-series A round led by Accel Partners and DMI Alternatives fund, with participation from then existing investors Titan Capital.

“This funding would help us build the best product and technology team and unleash a set of new debt collection offerings,” Credgenics chief technology officer and co-founder Anand Agrawal said in a statement.

Currency converted from Indian rupee to US dollar: US$1 = 74.38 rupees.