Debt collections platform Credgenics secures $50 million in funding from Westbridge, Accel, others
Debt collections platform Credgenics has raised $50 million in a series B round of funding. Venture investors Westbridge Capital, Accel, Tanglin Ventures, and Beams Fintech Fund led the round, the company said in a release on Wednesday. Most of these investors had participated in its previous funding round in 2021.
The round has taken the valuation of the company to $340 million. Till date the company has raised around $78 million. Credgenics said that it intends to use the funds for product innovation and to expand business outside India.
It will also look to enter into other segments of the banking and financial services domain. The company has five offices in India, one each in Jakarta and Singapore, and another set to open in Vietnam. Credgenics said that it has recently turned operationally profitable and had reached a revenue of Rs 100 crore in the last fiscal year.
The debt collection platforms help lenders keep track of repayment trends and also alert collection teams of any possible delinquency that can happen in certain loans. Currently, Credgenics works with more than 100 leading private banks, non-banking financial companies, fintechs and Asset Reconstruction Companies, including IIFL Finance, ICICI Bank, HDFC Bank, DMI Finance, Hero Fincorp, TVS Credit, IREP Credit Capital and Indifi. The company had an overall loan book worth $47 billion in FY22.
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