Credgenics, an India-based software as a service (SaaS) based debt collections and resolution technology platform, has raised $50 million in a Series B funding round.

The firm said in a statement on Wednesday that the funding was led by Westbridge Capital, Accel, Tanglin Ventures, Beams Fintech Fund and other strategic investors.

The company, valued now at $340 million, will use the additional funds for product innovation and enrichment, international business expansion, and capturing other banking, financial services and insurance (BFSI) industry segments.

Credgenics Co-Founder and Chief Executive Officer Rishabh Goel said the support from investors propels the firm towards its 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,” he said.

Credgenics Co-Founder and Chief Product and Technology Officer Anand Agrawal said that the firm is committed to harnessing the power of digital and emerging technologies for transforming the way debts are managed while ensuring a seamless experience for lenders and borrowers.

“We are in a prime growth phase where we plan to introduce more innovative solutions and expand our footprint in other countries as well as invest in product development,

“Strengthening our partnership with our existing investors is a strategic decision that will help us bring more agility, convenience and efficiency to the loan collections process,” he said.

Credgenics is a provider of loan collections and debt resolution technology platform to banks, non-banking finance companies, FinTechs, and asset reconstruction companies (ARCs) worldwide.

The firm works with more than 100 customers including IIFL Finance, Mahindra Finance, ICICI Bank, HDFC Bank, DMI Finance, Hero Fincorp, TVS Credit, IREP Credit Capital and Indifi.

It touched an overall loan book worth $60 Billion in FY23, increased from $47 billion in FY22.

The firm handles 11 million retail loans accounts and sends 60 million digital communications every month.

Since its launch in 2019, Credgenics has established a formidable presence in the Indian market and is breaking ground in the SouthEast Asia region.

With a steadfast commitment to reimagine debt collections through digitization and analytics, the company has seen a remarkable 7 times growth rate, since its last fundraise in 2021.

The firm offers a suite of debt resolution solutions, including digital collections, collections analytics, litigation management, field collections mobile app, agent performance management, and payments platform that use AI driven intelligent automation and machine learning models to deliver highly efficient collections.

“As steadfast investors in Credgenics’ remarkable growth, we recognize the immense potential and unwavering dedication of this visionary team,” said Sumir Chadha, Co-Founder and Managing Partner, WestBridge Capital.

“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,” he added.

Accel Principal Pratik Agarwal also said that Credgenics innovative approach, leveraging cutting-edge technology and analytics, has demonstrated immense potential and delivered impressive results.

“We are confident in their ability to transform the industry and drive sustainable growth,

“We look forward to witnessing their continued success and the positive impact they will make in the world of debt collections,” he added.

Backed by Westbridge Capital, Accel, Beams Fintech Fund, Tanglin Venture Partners, and other strategic investors, Credgenics has recently turned operationally profitable and reached a revenue of INR 100 crore ($12.08 million) in the FY 2022-23.

The company now has five offices in India and two others in Jakarta and Singapore, with another one set to open in Vietnam.

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