New Delhi: A Delhi-based startup — Credgenics — on Wednesday received Rs 27 cr funding in a pre-Series A round led by Accel Partners and DMI Alternatives.
The company working with major private sector banks – ICICI Bank, IDFC First, Axis Bank, and Yes Bank, besides 32+ NBFCs like Loantap, DMI Finance, Clix Capital, Udaan, MoneyTap, and Moneyview, aims to solve India’s $200 billion+ bad debt problem.
Credgenics CEO Rishabh Goel said lenders are looking to contain or manage collections effectively as default rates have touched 60 percent in the country due to the Covid-19 pandemic.
The company, basically a SaaS-based collection and legal automation platform, founded in 2018 by Rishabh Goel, Anand Agrawal, and Mayank Khera, is India’s first debt resolution platform that uses technology, automation intelligence, and optimal legal routes to expedite debt resolution. It currently manages over Rs 150 crore of debt on its platform. It has helped its clients improve their resolution rates by 22 percent, besides a significant reduction in overall resolution time.