Debt Collection SaaS Platform Credgenics Raises $50 Mn in Funding Led by Westbridge Capital and Accel

Credgenics co-founders (L-R) — Anand Agrawal, Mayank Khera, and Rishabh Goel / Photo credit: Credgenics

Credgenics, the leading provider of SaaS-based debt collections platform, is raising $50 million in a series B funding round led by existing investors Westbridge Capital and Accel. Other investors participated in this round included Tanglin Ventures and Beams Fintech Fund, along with other strategic investors.

The latest round of funding has tripled Credgenics' valuation to $340 million.

The SaaS platform intends to use the freshly raised capital to expand to Southeast Asian countries including Vietnam and Indonesia that share characteristics such as penetration with India’s credit market, Chief Executive Officer Rishabh Goel told Bloomberg News.

Earlier in August 2021, Credegenics raised $25 million in Series A round of funding led by Westbridge Capital, Tanglin Venture Partners and Accel Partners. Prior to that, it raised $3.3 million from Accel India and Titan Capital, in October 2020, and a seed funding of $300K from Titan Capital, in November 2019.

Founded in 2019 by Rishabh Goel, Anand Agrawal and Mayank Khera, Credgenics is the leading provider of Loan Collections and Debt Resolution technology platform to Banks, Non-banking finance companies, FinTechs, and ARCs worldwide. The AI-powered SaaS-based platform has been recognized as the #1 Best Selling Loan Collections Platform in India by IBS Intelligence in their Annual Sales League Table 2022.

Credgenics works with 80+ customers and handles USD$2bn NPA stage retail loan book value, USD$6bn delinquent stage retail loan book value. It manages 22 million retail loans and sends 60 million digital communications every month. With Credgenics, lenders have increased resolution rates by 20%, improved collections by 25%, reduced collections cost by 40%, reduced collections time by 30%, and improved legal efficiencies by 60%.

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