Credgenics, India’s leading Debt Collection SaaS platform, has secured an undisclosed investment in a Series B funding round amounting to USD 50 million from Beams Fintech Fund, India’s first Growth Stage Fintech Fund. The investment marks a significant step forward for Credgenics as it aims to transform debt collection practices through its AI-powered SaaS platform.
Founded in 2018 by Rishabh Goel, Anand Agarwal, and Mayank Khera, Credgenics has become a pioneer in modernizing debt collection services in India. The platform’s innovative approach has gained recognition, positioning it as the #1 Bestselling Loan Collection Platform in India according to the Annual Sales League Table 2022 by IBS Intelligence.
As the lending landscape shifts toward digitalization and instant lending, the need for efficient and cost-effective debt collection processes is becoming paramount. Credgenics addresses this need by streamlining debt collection operations through its digitized approach. With a focus on resolving the challenges associated with collections, Credgenics has successfully collaborated with over 100+ customers in the BFSI segment, handling 40 million retail loans and sending 60 million digital communications every month.
The partnership with Beams Fintech Fund brings further opportunities for Credgenics to expand its impact. Beams Fintech Fund’s extensive network, comprising leading banks and NBFCs, will enable strategic partnerships and collaborations. The fund’s ecosystem will facilitate access to banking networks and create avenues for collaboration with its portfolio of over 250 startups, potentially leading to partnerships, collaborations, and even acquisitions for Credgenics.
Sagar Agarvwal, Managing Partner & Co-Founder of Beams, highlighted the critical role of collections in the banking and financial infrastructure. He emphasized Credgenics’ leadership in the Collections plug-and-play SaaS space and its innovative approach to solving a long-standing challenge for financial institutions. The investment from Beams Fintech Fund is expected to drive Credgenics’ growth in the Southeast Asia region and support the development of new product offerings.
Anand Agrawal, Co-founder and CPTO of Credgenics, expressed excitement about the partnership with Beams Fintech Fund. The investment is set to accelerate Credgenics’ growth trajectory while enabling the platform to introduce new advancements in debt collection through digital technology. With its market-leading collections platform, Credgenics aims to empower individuals and businesses worldwide to navigate debt resolutions with ease.