India's debt resolution fintech Credgenics gets $50m boost
Credgenics, an Indian fintech that provides a SaaS-based platform for debt collections and resolution, has raised US$50m in a Series B funding round.
The latest intake of capital – led by Westbridge Capital, Accel, Tanglin Ventures, Beams Fintech Fund and other strategic investors – gives Credgenics a valuation of around US$340m, more than three times the equivalent valuation achieved at its latest funding achievement.
It comes after Credgenics grew its revenue by a factor of seven and became operationally profitable. Since launching in 2019, Credgenics has established a presence in the Indian market and is expanding into Southeast Asia.
It works with over 100 private banks, non-banking financial companies and asset reconstruction companies to achieve better resolutions to consumer debt.
‘Truly exceptional’ Credgenics gets investor backing
Rishabh Goel, Co-Founder & CEO of Credgenics, says: “We express our gratitude to our current investors for their unwavering support and trust in our vision. 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."
Co-founder Anand Agrawal says the fintech is in “a prime growth phase” and will use the latest funding to introduce more innovative solutions and expand its footprint in countries outside India.
Sumir Chadha, Co-Founder & Managing Partner at WestBridge Capital, adds: “As steadfast investors in Credgenics' remarkable growth, we recognise the immense potential and unwavering dedication of this visionary team.
“With AI at its forefront, what Credgenics is doing is truly exceptional. Its unique services and talented workforce are poised to put the company on the map for success and change the face of the debt collections industry for the better. As we stand beside Credgenics, we embrace the opportunity to reshape the future of debt recovery, together, paving the way for financial empowerment and growth."
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