Accel Partners leads INR 27 crore pre-series A round in Credgenics
Credgenics, India’s first of its kind debt resolution start-up has received INR 27 crore (US$3.5 Million) in a pre-Series A round led by Accel Partners, DMI Alternatives fund with participation from existing investors Titan Capital besides marquee angel investors like Kunal Shah (Founder, CRED), Dilip Khandelwal (MD & Global CIO, Deutsche Bank), Sumit Maniyar (Founder, Rupeek), Ramakanth Sharma (Co-founder, Livspace), Gaurav Agarwal (Co-founder, 1mg), Vivek (Founder, Bounce), Akhil Paul (MD, Caparo Group), Nitin Gupta (ex-Founder, PayU) and Karthik (Ubiquity Capital). Founded in 2018 by IIT Delhi Alumni, Rishabh Goel, Anand Agrawal and Mayank Khera, Credgenics is a SaaS based collections and legal automation platform aiming to solve India’s $200 billion+ bad debt problem. It works with major private sector banks – ICICI Bank, IDFC First, Axis Bank and Yes Bank besides 32+ NBFCs like Loantap, DMI Finance, Clix Capital, Udaan, Moneytap, Moneyview etc.
Commenting on the funding, Rishabh Goel, CEO & Co-Founder, Credgenics, said, “With default rates touching 60% in India due to Covid-19 pandemic, lenders are looking to contain/manage collections effectively. We are the only ones with a full stack technology infrastructure to digitize their collection and legal process besides being equipped to handle volume collections while improving overall efficiency. Funds will be utilised to enhance product development, strengthen R&D and scale the operations across India.” “We accelerate the debt recovery process through use of existing default data while creating new ways of communicating with defaulters and tracking the communication,” added Anand Agrawal, Co-Founder & CTO, Credgenics.
In his comments, Pratik Agrawal, Vice-president, Accel Partners, said, “Debt Management processes for lending institutions has traditionally remained a largely manual and archaic process with limited disruption through digitization. With a team that is uniquely positioned to execute this, Credgenics has established itself as a thought leader in the space. We’re excited to join Credgenics in its journey to create an “automation first, cost effective and one stop solution for minimizing bad debt” with an ultimate goal to improve financial inclusion for the country”
According to Bipin Shah, Partner, Titan Capital, ” Credgenics is definitely on a mission to solve Bharat’s growing bad loans collections gigantic problem which did let us close the seed round last year into company within a week. We couldn’t have got better team than this uniquely positioned to solve this. This funding round is another validation of their unique value proposition and its immense potential.”
About Credgenics: Founded in 2018 by Rishabh Goel, Anand Agrawal and Mayank Khera, Credgenics is India’s first debt resolution platform that uses technology, automation intelligence and optimal legal routes to expedite debt resolution. It boasts of a huge network of freelance dispute resolution specialists who independently assist NBFCs, Banks, ARCs & fintech players, settle disputes amicably with their borrowers. It currently manages over INR 150 crore of debt on its platform and has helped it’s clients improve their resolution rates by 22% besides significant reduction in overall resolution time. Credgenics aims to ultimately foster financial inclusion in India through expeditious resolution of unprecedented volumes of stressed assets in larger finance/fintech space.
For editorial queries contact: Stuti Sehgal/ firstname.lastname@example.org/8744080106.