In an effort to improve field debt collections, Credgenics, a SaaS-based platform for debt collections and resolution, acquired Arrise, a collections service provider specializing in the BFSI industry, to launch CG Setu.
Credgenics claims that CG Setu, an on-the-ground liaison between lenders and borrowers, will be a distinctive field fleet of more intelligent, nimble, and technologically savvy employees with standard operating procedures. Arrise’s vast pan-Indian network and its collections technology leadership will be leveraged by this action.
With a network of more than 5,000 professionals, Arrise, which was founded in 2019, is present in more than 25 Indian states and offers calling services in more than 13 regional languages. Under its current leadership group, it will carry on for at least five years.
Credgenics is now a full-stack collections solutions provider with a presence throughout India. Its end-to-end capabilities include digital collections, voice bots, multiple dialers, litigation and repayment management systems, on-field operations across more than 18,000 pin codes, and strategic consulting on legal workflows and collections.
“This strategic partnership marks a huge step forward in Credgenics’ mission to transform debt collections with technology. CG Setu will disrupt the field collections model with its efficient, data-driven, and compliant approach. It will deliver greater efficiency and complete transparency for lenders, while providing a superior experience for borrowers,” said Rishabh Goel, co-founder & CEO, Credgenics.
According to Credgenics, in FY24, it processed over 98 million loan accounts with a combined value of over $250 billion and enabled 1.7 billion omnichannel communications for more than 150 financial institutions worldwide. To date, the company has raised about $80 million, including $50 million in August 2023 from a Series B round led by WestBridge Capital.
Credgenics reported a profit before tax of Rs 25 crore for FY25, along with a 40% increase in yearly revenue to Rs 220 crore.
