Debt recovery and legal automation platform Credgenics has raised $50 million in a Series B funding round led by Westbridge Capital and Accel. This round also saw participation from Tanglin Ventures, Beams Fintech Fund and other strategic investors.
The company will use the additional funds for product innovation and enrichment, international business expansion, and capturing other BFSI industry segments, said Credgenics.
This takes the total funds raised by the Noida-based startup to $78 million and the fresh deal has valued it at $350 million.
Founded in 2019, Credgenics provides advanced loan collections and debt recovery technology solutions to banks, non-banking finance companies, and digital lending firms worldwide. It helps lenders leverage its SaaS technology to boost their resolution rates, improve collections efficiencies and reduce non-performing loans.
Currently, it works with ICICI Bank, Kotak Bank, IDFC First, Axis Bank, and multiple NBFCs and fintechs like IIFL Finance, DMI Finance, Loantap, MoneyTap et al. According to the company, it handles 11 million retail loan accounts and has reached an overall loan book worth $47 billion in FY22.
The company also said that it recently turned operationally profitable and hit Rs 100 crore revenue in FY23. While the company is yet to file audited financial statements for FY23, its revenue from operations stood at Rs 32.54 crore in FY22 with ₹8.26 crore loss.
“Their support propels us towards our mission of global expansion and fostering India’s financial growth. With these resources, we can extend our innovative debt recovery solutions to new markets, empowering individuals and businesses worldwide to regain control of their loan collections. This funding not only accelerates our growth but also enables us to make a meaningful impact on the economic landscape of countries, unlocking new opportunities for financial well-being,” said Rishabh Goel, Co-Founder and CEO, Credgenics.