India-based Credgenics banks $50m to simplify debt resolution

(From left) Credgenics co-founders Anand Agrawal, Mayank Khera, and Rishabh Goel / Photo credit: Credgenics

India-based Credgenics, a loan collection services firm, has raised US$50 million in its series B funding round led by Accel and WestBridge Capital.

It will use the new capital to diversify its offerings and reach other client segments. Credgenics also looks to expand its international business.

The company’s geographical expansion will primarily focus on countries such as Indonesia and Vietnam, which share similarities with India’s credit market. As such, Credgenics is set to open up an office in Vietnam. It currently has five hubs in India as well as one each in Singapore and Indonesia.

Funding details

• Funding amount: $50,000,000
• Lead investors: Accel Partners, WestBridge Capital
• Other investors: Tanglin Venture Partners, Beams Fintech Fund
• Stage: Series B
• Valuation: $340,000,000
• Source

The software-as-a-service company offers a debt resolution platform for banks, fintech firms, asset reconstruction firms, and non-financial institutions. It offers features such as an AI-driven payments platform, a field collections mobile app, and tools for digital collections and agent performance management.

Mahindra Finance, ICICI Bank, TVS Credit, and Indifi are among its over 100 clients.

Credgenics said that since its last fundraise in 2021, its valuation has grown 3.1x to US$340 million. It has also become operationally profitable, while its revenue expanded 7x year on year to US$12.1 million in its latest financial year.

See also: Are genAI and China coming for India’s SaaS crown?

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