WestBridge, Accel and others led $50 M Series B funding raised by Credgenics
Credgenics, a company that specializes in debt recovery and legal automation, has raised $50 million in a Series B funding round, which was co-led by Westbridge Capital and Accel and included Tanglin Ventures, Beams Fintech Fund, and other strategic investors.
According to a press release from Credgenics, the company will use the additional funds for product innovation and enrichment, international business expansion, and snagging up other BFSI industry segments.
The Noida-based startup has now raised a total of $78 million; the new deal values it at $350 million. In May of this year, Entrackr was the only publication to report exclusively on Credgenics’ new funding round.
Banks, non-banking finance companies, and online lending businesses all over the world are served by Credgenics’ cutting-edge loan collections and debt recovery technology solutions. It aids lenders in utilizing its SaaS technology to raise resolution rates, increase efficiency in collections, and lower the number of non-performing loans.
It currently collaborates with a number of NBFCs and fintechs, including IIFL Finance, DMI Finance, Loantap, MoneyTap, and others, as well as ICICI Bank, Kotak Bank, IDFC First, and Axis Bank. The business claims to manage 11 million retail loan accounts and a total loan book of $47 billion in FY22.
Credgenics also asserted that it reached Rs 100 crore in revenue in FY23 and recently achieved operational profitability. Although the company has not yet submitted audited financial statements for FY23, its operating revenue in FY22 was Rs 32.54 crore with a loss of Rs 8.26 crore.
