Agrawal focuses on debt collections through innovation and rapid adoption of digital technology
India’s leading Debt Collection SaaS platform, Credgenics says the US$50 million Series B round is for the next phase of growth in the Southeast Asian markets.
“This infusion of capital will serve as a catalyst for propelling our next phase of growth in the Southeast Asia region and powering new developments in the product,” Anand Agrawal, Co-founder of the Noida-based company, said on 28 Aug 2023.
“We are focused on ushering in a new era of debt collections through innovation and rapid adoption of digital technology. With our market-leading collections platform, we are committed to empowering individuals and businesses worldwide to simplify the management of their debt resolutions.”
Beams Fintech Fund, India’s first Growth Stage Fintech Fund from Mumbai, has invested an undisclosed amount in Credgenics Series B round along with Westbridge and Accel. Other investors in this company include Tanglin, Tital Capital and DMI Finance.
Founded in 2018 by Rishabh Goel, Anand Agrawal and Mayank Khera, Credgenics is revolutionizing the way collections are made and serviced in the country.
Till date, Credgenics has worked with over 100+ customers in the BFSI segment (Banks, NBFCs and Fintechs). Credgenics has handled 40 million retail loans till date and sends 60 million digital communications every month.
With Credgenics, lenders have increased resolution rates by 20%, improved collections by 25%, reduced collections cost by 40%, reduced collections time by 30%, and improved legal efficiencies by 60%.
Beams Fintech Fund’s ecosystem and network of LPs, which includes leading Banks and NBFCs, will look to partner with Credgenics. Beams value add strategy is to cross-pollinate between its LPs and portfolio companies.
Beams will facilitate access to its banking network and open doors to its group’s portfolio of 250+ startups for partnerships, collaboration, and potential acquisition opportunities for Credgenics. Fiinews.com
