Fintech startup Credgenics on Wednesday said it has raised USD 50 million, or about Rs 414 crore, from a clutch of investors, including Westbridge Capital and Accel.
Tanglin Ventures and Beams Fintech Fund also participated in the funding round, Credgenics said in a statement. The company said that it has raised the fresh funds at an enterprise valuation of USD 340 million, about Rs 2,800 crore, which is 3.4 times higher compared to valuation it achieved in the last funding round. Credgenics said that it plans to utilise present funding for product innovation, international expansion, and capturing other BFSI industry segments.
“We express our gratitude to our current investors for their unwavering support and trust in our vision. Their support propels us towards our mission of global expansion and fostering India’s financial growth,” Credgenics co-founder and CEO Rishabh Goel said in the statement. He said that the fresh funding round will enable the company to offer debt recovery solutions to new markets, empowering individuals and businesses worldwide to regain control of their loan collections. “As steadfast investors in Credgenics’ remarkable growth, we recognise the immense potential and unwavering dedication of this visionary team,” WestBridge Capital co-founder and managing partner Sumir Chadha said.
Credgenics offers debt resolution solutions like artificial intelligence and machine learning-driven automation for payment collection, digital collection and analytics, litigation management, field collections, mobile app and agent performance management. The company claims to have turned operationally profitable, reaching a revenue of Rs 100 crore in FY23. It has offices in India, Indonesia and Singapore and plans to open one in Vietnam.