[Funding] Credgenics raises $25 million in Series-A funding at over $100 million valuation

Laxitha Mundhra
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Credgenics is a SaaS-based end-to-end debt resolution and legal automation platform. It has received US$25 Million in the Series-A round; thus, reaching a valuation of $100 million (5.5x from its last fundraise). Westbridge Capital, Accel Partners, and Tanglin Venture Partners led the round. It also saw participation from Ashneer Grover, Founder & CEO – BharatPe, Abhimanyu Munjal, MD & CEO – Hero Fincorp Group, Karthik Bhat, Founder – Force Ventures, Kushal and Gautam, Founders – Fareye.


The company stated that it will use the funds to expand into new demographics. It further aims to strengthen the R&D and scale the core operations across India. It will also improve client services, and streamline the workflow. Credgenics manages over INR 1580 crores of debt on its financial platform. It helps its clients by significantly improving the resolution rates by over 20% with an average 20-days reduction in the resolution time. As a result of the efficient SaaS-based data management, the creditor’s return on investment has improved by 5 times.

The Credgenics team comprises 150+ members, where its strength is the tech and product team comprising more than 70 engineers. The platform also collaborates with 2200+ legal counsels pan India for late-stage delinquencies. To formulate the debt recollection and thereby remedy the steep rise in the NPA, the company works with 07 leading and prominent banks like ICICI Bank, IDFC First, Axis Bank, and Kotak Bank, besides 40+ marquee NBFCs like IIFL Finance, Loantap, DMI Finance, Clix Capital, Udaan, MoneyTap, Moneyview, among others. In 2020, Credgenics raised $3.5 million in a pre-Series-A round led by Accel Partners. DMI Alternatives fund and existing investor Titan Capital also participated in the round.

To use the funds to build a world-class leadership team, states Rishabh Goel, Co-Founder & CEO, Credgenics.


Rishabh Goel thanked the investors on board, in a comment over the funding. He said, “In India, where the credit demand of more than $600 billion is being met through informal sources, digital lending is set to cross the $100 billion mark by the end of 2023. The increased disbursement of credit has led to a spike in the NPAs for both NBFCs and banks. The funds of the new financing round will help us find experienced professionals across all levels and build a world-class leadership team.”

“We will further upgrade the core offerings, enhance product developments, and boost the R&D,” he added. “The roadmap also includes International expansion beyond the Indian demographics. This includes a thorough R&D on the judiciary and fiscal measures prevalent there and then remedy their bad debts situation.”

Anand Agrawal, Co-founder & CTO, Credgenics, further added, “This funding would help us build the best product and technology team and unleash a set of new debt collection offerings.”

“Credgenics is addressing a massive pain point for the Indian financial ecosystem,” said Sankalp Gupta, Partner, Tanglin. “Their success across a range of customers including large banks, NBFCs, and fintech clearly demonstrates the comprehensive and versatile nature of their technology platform and solution offerings. Rishabh, Anand, and Mayank are exceptional founders with deep product thinking and rare execution capabilities.”