Debt Collections SaaS Platform Credgenics Raises $50 Million In Series B Funding The company will use the additional funds for product innovation and enrichment, international business expansion, and capturing other BFSI industry segments
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A SaaS based debt collections and resolution technology platform, Credgenics, has raised $50 million in a Series B funding round led by Westbridge Capital, Accel, 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.
"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. With these resources, we can extend our innovative debt recovery solutions to new markets, empowering individuals and businesses worldwide to regain control of their loan collections," said Rishabh Goel, co-founder and CEO, Credgenics.
"This funding not only accelerates our growth but also enables us to make a meaningful impact on the economic landscape of countries, unlocking new opportunities for financial well-being," Goel added.
Backed by Westbridge Capital, Accel, Beams Fintech Fund , Tanglin Venture Partners, and other strategic investors, Credgenics claimed that it has recently turned operationally profitable and reached a revenue of INR 100 crore in the FY 2022-23.
"With AI at its forefront, what Credgenics is doing is truly exceptional. Its unique services and talented workforce are poised to put the company on the map for success and change the face of the debt collections industry for the better. As we stand beside Credgenics, we embrace the opportunity to reshape the future of debt recovery, together, paving the way for financial empowerment and growth," said Sumir Chadha, co-founder and managing partner, WestBridge Capital.
