Debt Recollection Connoisseurs
Credgenics collates borrower responses across all physical and digital communication channels in one place to help create sharp analytics available in user-friendly dashboards.
Being a first-generation founder and entrepreneur, Rishabh gained experience in banking and financial services while working as an Investment Banker with Deutsche Bank and Blackrock before starting Credgenics. He is a firm believer that a startup cannot succeed without all the hands-on deck. While he was working with Blackrock and Deutsche Bank on the stressed assets portfolio, he noticed how manual and strenuous the collections and recovery processes are. The recovery rates were low leading to an ever-increasing NPA. "I noticed how a disproportionate focus is currently put on digital underwriting and loan management while collections as a process remained archaic. This triggered me to bring about a change in the collections process by using modern data management and analytical capabilities with fair treatment to the borrower."
Credgenics is a SaaS-based platform that renders end-to-end services that begins with data collection and stretches to the legal services in case of doubtful debts or lost assets. The platform becomes a bridge between the lending and the collection platforms for the banks, NBFCs, and Fintech. The lack of robust data management led to frequent miscommunication between the calling team and the legal team which led to the harassment of the borrower. Credgenics streamlines this process as they allow users to upload data in real-time from their LMS via API integrations or SFTP. This data is then floated to the several internal collection teams, including the Legal arm based on user-defined allocation logic. The platform collates borrower responses across all physical and digital communication channels in one place to help create sharp analytics available in user-friendly dashboards. Within a few months of the inception of the company, it would demonstrate a strong product-market fit. At present, over 50 lenders are using the platform, which includes 7 banks with notable names like ICICI, Axis, and HDFC and more than 40 NBFCs and fintech, such as LoanTap, Drip Capital, Udaan, DMI Finance, among others. The company has been able to successfully deliver on the promises to their clients with dedicated Account Managers for each client to help their clients strategize and improve their collection practices. According to Rishabh, the high of an entrepreneurial journey starts with the
first client one gets. As the journey continues, each client added and each solution successfully delivered adds to the constant highs. Credgenics has been able to improve the recovery rates by more than 20% for their clientele through their AI-enabled digital collection efforts. The COVID pandemic has been a blessing in disguise for Credgenics as the company has grown by leaps and bounds. The social distancing phase has benefitted the company by showing how the SaaS-based collection platform could efficiently replace the existing manual collection measures. The platform has been through a testing phase where each case being monitored brings forth a new challenge in terms of data management and borrower traceability. "As our team and geographic reach are growing, we constantly stay updated about the judicial and RBI guidelines around ethical recovery operations keeping in mind a fair treatment to the borrower at all times."
The company has recently raised its Series A round of USD 25 Million from WestBridge Capital, Tanglin Venture Partners, and Accel Partners at the valuation of over USD 100 Million in August 2021. The company is experiencing a rapidly growing clientele and strengthening bonds. They have already embarked on their road to profitability as the company registered a positive PAT and EBITDA in 2021 and is strengthening its platform and services with sharper AI-ML-based analytics and increasing its collection product offerings.