Credgenics Secures Empowering $50 Million in Series B Funding from WestBridge, Accel, and Other Visionary Investors
Debt recovery and legal automation platform Credgenics has successfully secured $50 million in a Series B funding round, with major contributions from prominent investors including Westbridge Capital and Accel. The funding round also witnessed participation from Tanglin Ventures, Beams Fintech Fund, as well as other strategic investors.
Credgenics, which specializes in debt recovery and legal automation solutions, aims to streamline and enhance the debt recovery process through its innovative technology-driven platform. This funding injection, with significant backing from notable investors, will provide Credgenics with substantial resources to further develop its offerings, expand its operations, and solidify its position within the industry. The participation of renowned investors like Westbridge Capital and Accel underscores the recognition and potential of Credgenics’ platform in addressing critical challenges within the debt recovery and legal automation domain.
Credgenics has outlined its plans for the utilization of the newly acquired funds. The company intends to allocate the funds towards various strategic initiatives, including further advancements and enhancements to its product offerings through innovation. Additionally, the funds will support the company’s global expansion efforts, enabling Credgenics to tap into new international markets.
As part of its growth strategy, Credgenics also aims to broaden its presence within the broader BFSI (Banking, Financial Services, and Insurance) industry segments, leveraging its expertise and technology to cater to a wider range of financial institutions and businesses. This funding infusion is anticipated to propel Credgenics’ growth trajectory and enhance its capabilities in transforming the debt recovery and legal automation landscape.
With the successful Series B funding round, Credgenics has achieved a significant milestone in its funding journey. The latest funding infusion of $50 million brings the total funds raised by the Noida-based startup to a noteworthy sum of $78 million. This remarkable feat reflects the confidence of investors in Credgenics’ vision and solutions within the debt recovery and legal automation domain. The valuation of the company has also surged as a result of this funding, reaching a substantial $350 million.
The strategic participation of prominent investors, including Westbridge Capital, Accel, Tanglin Ventures, and Beams Fintech Fund, underscores the potential and promise that Credgenics holds in revolutionizing debt recovery processes and legal automation within the financial industry. The successful funding round showcases Credgenics’ strong market positioning and its ability to attract significant investor interest, further solidifying its position as a prominent player in the industry.
Credgenics has carved a niche for itself by offering cutting-edge loan collections and debt recovery technology solutions to a global clientele that includes banks, non-banking finance companies (NBFCs), and digital lending firms. Through its innovative SaaS (Software as a Service) technology, Credgenics empowers lenders with sophisticated tools to enhance their loan resolution rates, streamline collections processes, and effectively mitigate non-performing loans. By leveraging automation, data analytics, and advanced algorithms, Credgenics equips financial institutions with the means to navigate complex debt recovery challenges with greater efficiency and accuracy.
The company’s solutions address a critical need within the financial industry, where efficient debt recovery is paramount for maintaining a healthy lending ecosystem. Credgenics’ technology-driven approach not only enables lenders to recover overdue loans more effectively but also contributes to overall risk management and improved financial stability. The successful Series B funding round will undoubtedly fuel ongoing commitment to product innovation and expanding its reach in both domestic and international markets, solidifying its role as a pivotal player in transforming debt recovery practices and legal automation for the financial sector.
Credgenics has established collaborations with prominent financial institutions, including ICICI Bank, Kotak Mahindra Bank, IDFC First Bank, and Axis Bank. Additionally, it serves numerous non-banking financial companies (NBFCs) and fintech firms such as IIFL Finance, DMI Finance, Loantap, and MoneyTap, among others. By partnering with these esteemed entities, Credgenics has solidified its presence within the financial sector and demonstrated the trust placed in its technology-driven debt recovery solutions.
The company’s expansive reach is underscored by its management of a staggering 11 million retail loan accounts. As of the fiscal year 2021-2022, Credgenics has contributed to overseeing an overall loan portfolio amounting to an impressive $47 billion. This remarkable feat further attests to the efficacy and scalability technology platform, which not only benefits individual lenders but also has a far-reaching impact on the broader financial landscape. Through its partnerships and accomplishments, it continues to shape the future of debt recovery and financial risk management across a diverse range of institutions and sectors.
Credgenics has marked significant strides in its financial performance, reporting a notable achievement of operational profitability and impressive revenue growth. In the fiscal year 2022-2023 (FY23), the company’s revenue reached a remarkable milestone, surpassing Rs 100 crore. This achievement not only demonstrates the company’s ability to scale its operations effectively but also underscores its success in providing valuable debt recovery technology solutions to its diverse client base.
While the audited financial statements for FY23 are yet to be filed, Credgenics’ financial trajectory has shown a positive trend over the years. In FY22, the company reported revenue from operations amounting to Rs 32.54 crore, along with a loss of Rs 8.26 crore. The company’s strategic efforts to optimize its operations, enhance its product offerings, and expand its clientele have contributed to its impressive growth and transformation into an operationally profitable entity. This accomplishment positions a leading player in the debt recovery and financial technology space, with promising prospects for continued success and innovation in the future.