Debt recovery and legal automation platform Credgenics has raised $50 million in a Series B funding round led by Westbridge Capital and Accel with participation from Tanglin Ventures, Beams Fintech Fund and other strategic investors.
The company will use the additional funds for product innovation and enrichment, international business expansion, and capturing other BFSI industry segments, Credgenics said in a press release.
This takes the total funds raised by the Noida-based startup to $78 million and the fresh deal has valued it at $350 million. Entrackr had exclusively reported about the new funding round of Credgenics in May this year.
Credgenics provides advanced loan collections and debt recovery technology solutions to banks, non-banking finance companies, and digital lending firms worldwide. It helps lenders leverage its SaaS technology to boost their resolution rates, improve collections efficiencies and reduce non-performing loans.
Currently, it works with ICICI Bank, Kotak Bank, IDFC First, Axis Bank, and multiple NBFCs and fintechs like IIFL Finance, DMI Finance, Loantap, MoneyTap et al. According to the company, it handles 11 million retail loan accounts and has reached an overall loan book worth $47 billion in FY22.
Credgenics also claimed that it recently turned operationally profitable and hit Rs 100 crore revenue in FY23. While the company is yet to file audited financial statements for FY23, its revenue from operations stood at Rs 32.54 crore in FY22 with Rs 8.26 crore loss.
