Early stage investor Titan Capital has made a partial exit in debt recovery and legal automation platform Credgenics with more than 100x return, according to sources aware of the development.
This comes a week after the $50 million Series B funding announced by Credgenics which was led by Westbridge Capital and Accel. Tanglin Ventures, Beams Fintech Fund and other strategic investors also participated in the round.
As per sources, Titan has received a whopping 116x return from the partial sale of their stake. To recall, Titan had led a $300K seed round in the company in 2020. Sources added that the firm put half of the money alone.
Entrackr has reached out to Titan Capital and Credgenics for more details.
Credgenics provides advanced loan collections and debt recovery technology solutions to banks, non-banking finance companies, and digital lending firms worldwide. According to the company, it handles 11 million retail loan accounts and has reached an overall loan book worth $47 billion in FY22.
Currently, it works with more than 100 customers including ICICI Bank, Kotak Bank, IDFC First, Axis Bank, and multiple NBFCs and fintechs like IIFL Finance, DMI Finance, Loantap, MoneyTap, et al.
The company claims that it recently turned operationally profitable and hit Rs 100 crore revenue in FY23. The firm is yet to file audited financials for the last fiscal year. In FY22, its revenue from operations stood at Rs 32.54 crore with Rs 8.26 crore loss.
Titan Capital, which has backed unicorns like Ola, Urban Company, Mamaearth, OfBusiness, and Razorpay, has made partial or full exits from several startups, including Bewakoof, Unicommerce, ANS Commerce and Netmeds.com.
