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Debt collections platform Credgenics secures $50 million in funding from Westbridge, Accel, others

Economic Times

Economic Times · 1y ago

Debt collections platform Credgenics secures $50 million in funding from Westbridge, Accel, others

Credgenics, a debt collections platform, has successfully raised $50 million in funding through contributions from investors such as WestBridge, Accel, and others. This substantial funding injection reflects confidence in Credgenics' business model and potential, highlighting its significant role in revolutionizing debt collection practices within the startup and tech ecosystem.

Related News

Titan Capital partially exits Credgenics with more than 100x return

Entrackr

Entrackr · 1y ago

Titan Capital partially exits Credgenics with more than 100x return

Early-stage investor Titan Capital has reportedly made a partial exit from debt recovery and legal automation platform Credgenics, achieving a remarkable 116x return on their investment. Titan Capital had led a $300K seed round for Credgenics in 2020. This exit comes after Credgenics secured a $50 million Series B funding round led by Westbridge Capital and Accel. Credgenics offers advanced loan collections and debt recovery technology solutions to various financial institutions and claims to have reached operational profitability and Rs 100 crore in revenue in FY23.

How Credgenics Is Using AI & ML To Help Banks & FIs Improve Debt Collection By 25%

Inc42 · 1y ago

How Credgenics Is Using AI & ML To Help Banks & FIs Improve Debt Collection By 25%

Indian debt collection software market is expected to grow at a CAGR of 9.18% from $190.78 billion in 2023 to $296.08 billion in 2028. Credgenics, an AI-focused digital collections platform, aims to help banks, NBFCs, fintechs, and ARCs manage risks in loan collections. Founded in 2019, the startup handles 11 million retail loan accounts and claims increased resolution rates by 20% and improved collections by 25%. Credgenics raised $50 million in a Series B round led by Westbridge Capital and aims to onboard more clients from the public sector.

Credgenics parent posts Rs 8.38 Cr profit in FY24

YourStory

YourStory · 9m ago

Credgenics parent posts Rs 8.38 Cr profit in FY24

Credgenics' parent company, Analog Legalhub, reported a net profit of Rs 8.38 crore in FY24, reversing a loss from the previous year. The company saw a 72.38% increase in total revenue to Rs 155.58 crore, driven by the growing adoption of digital debt collection tools. Employee benefit expenses rose by 49.86%, while other expenses grew by 42.54%. Credgenics, founded in 2018, provides technology solutions for loan collections and debt recovery, and raised $50 million in a recent funding round.

Spinny raises $30M from WestBridge as part of its Series F round

YourStory

YourStory · 1m ago

Spinny raises $30M from WestBridge as part of its Series F round

Spinny, a used car marketplace, raised $30 million in primary capital from WestBridge Capital, bringing its Series F funding round to a total of about $170 million. This round follows $131 million raised earlier from Accel, Fundamentum, Tiger Global, and others. The funds will aid Spinny in establishing a non-banking financial company and growing Autocar India. The company reported a 14% revenue increase to Rs 3,725 crore for FY24, alongside a 28% decline in losses.

CredResolve raises $1.1 Mn in Seed round

Entrackr

Entrackr · 5m ago

CredResolve raises $1.1 Mn in Seed round

Collections platform CredResolve has raised $1.1 million in a seed funding round led by UNLEASH Capital Partners, with participation from CDM Capital. The Gurugram-based company had previously raised $33.6K in an angel round from PedalStart, Tujala Goud, and others in February 2024. The proceeds will be used to expand its partnerships to over 25 financial institutions, enhance its AI-driven technology stack, and strengthen its presence across multiple cities, CredResolve said in a press release. Co-founded in August 2023 by Balaji Koustubha, G Prashant Kumar, and Vijay Kumar, CredResolve is an AI-powered collections platform dedicated to optimizing the debt resolution process in India. The platform integrates technology with regulatory compliance to help financial institutions improve recovery rates, reduce operational inefficiencies, and enhance borrower experiences. According to CredResolve, it aims to redefine debt recovery by integrating artificial intelligence with borrower engagement strategies. The company leverages AI to automate recovery workflows, improve borrower communication, and ensure strict compliance with Reserve Bank of India (RBI) regulations. This tech-driven approach enhances recovery rates while reducing operational inefficiencies, addressing a pressing challenge in India’s financial sector. CredResolve claims to serve over 20 lenders across banks, fintech firms, Non-Banking Financial Companies (NBFCs), and Asset Reconstruction Companies (ARCs). Currently, the startup generates an annual recurring revenue (ARR) of approximately $1 million and intends to triple its revenue in the next year. It competes with other startups in this space, such as CredGenics, DPDZero, Spocto, Skit.AI, among others. UNLEASH Capital Partners is a Japanese venture capital firm focused on early-stage fintech and financial services in India, with a strong emphasis on driving financial inclusion.

WhatsApp becomes the preferred platform for digital loan recovery

Economic Times

Economic Times · 5m ago

WhatsApp becomes the preferred platform for digital loan recovery

Fintech lenders are increasingly using WhatsApp for loan repayment collections, raising data privacy concerns. Debt collection startups like Credgenics and Spocto leverage WhatsApp's cost-effectiveness and high engagement for communication with defaulters. These startups integrate payment solutions and chatbots to enhance borrower interactions. Despite the benefits, industry insiders highlight potential data leakage issues. As digital collections grow, the sector is becoming more organized to address these challenges and improve recovery rates effectively.

Debt collection platform Credgenics’ profit triples to Rs 25 crore in FY25; revenue up 40%

Economic Times

Economic Times · 1m ago

Debt collection platform Credgenics’ profit triples to Rs 25 crore in FY25; revenue up 40%

Credgenics, a debt collection platform, saw its net profit triple to Rs 25 crore in FY25, driven by increased demand for efficient recovery methods amid rising defaults. Revenue rose to Rs 220 crore from Rs 155.6 crore the prior year. The company shifted focus from unsecured personal loans to stable growth areas due to regulatory tightening. Credgenics collaborates with public sector banks and expanded into the Middle East, securing investments that valued it at $340 million.

Grocery delivery startup Apna Mart raises $25 million in equity-debt mix from Fundamentum, Accel, others

Economic Times

Economic Times · 4m ago

Grocery delivery startup Apna Mart raises $25 million in equity-debt mix from Fundamentum, Accel, others

Apna Mart, a franchise-led grocery delivery startup, raised $25 million in equity and debt from investors including Fundamentum and Accel. The funding supports expansion in tier-II and tier-III cities and general corporate activities. Post-investment, Accel becomes the largest shareholder. Founded by Abhishek Singh and Chetan Garg, Apna Mart competes with Blinkit, Swiggy Instamart, and others. Despite increasing revenues, losses have grown. The investment reflects rising interest in ultra-fast delivery services across multiple sectors.

Former Tiger Global exec’s Tanglin Venture Partners to raise $250M for new fund

YourStory

YourStory · 6m ago

Former Tiger Global exec’s Tanglin Venture Partners to raise $250M for new fund

Tanglin Venture Partners, founded by former Tiger Global executive Ravi Venkatesh, is set to raise $250 million for its third fund, as per US SEC filings. The India and Singapore-based VC firm previously raised $50 million in 2021, investing in startups like PocketFM and Credgenics. Typically, Tanglin invests up to $8 million in early-stage companies. Recently, it led a $10 million round for eco-friendly brand Beco. Other funds launched this year include Accel and Riceberg Ventures.

Juspay secures $60 million from Kedaara Capital, others

Economic Times

Economic Times · 4m ago

Juspay secures $60 million from Kedaara Capital, others

Juspay, a Bengaluru-based payment aggregator, raised $60 million in a funding round led by Kedaara Capital, with participation from SoftBank and Accel. The investment includes primary and secondary components. The company is expanding its operations globally and enhancing AI capabilities to improve workforce productivity and merchant experience. Despite controversy with industry peers over its payment orchestration platform, Juspay continues to offer services to over 500 enterprises, handling 200 million transactions daily and $900 billion annually.

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