Indian FinTech Giant Credgenics Secures $50M in Series B Funding
Backed by WestBridge Capital, Accel India, and Others: Credgenics Set to Expand its Innovative Debt Recovery Platform, Enhancing Lenders' Efficiency and Customer Experience Worldwide.
Credgenics, a leading Indian FinTech firm specializing in SaaS-based debt collections, has successfully raised $50M in a Series B funding round. This significant investment has propelled the company's valuation to an impressive $340M. The funding round witnessed participation from some of the most prominent names in the investment world. WestBridge Capital, Accel India, Tanglin Venture Partners, and Beams FinTech Fund have shown their confidence in Credgenics' vision and potential by backing this round.
Established in 2018 by the trio Rishabh Goel, Anand Agrawal, and Mayank Khera, Credgenics has positioned itself as a game-changer in the FinTech space. The company offers a comprehensive SaaS platform that addresses the entire collections lifecycle. Their platform boasts features like multi-channel digital communications, AI-driven prediction models for devising optimal collection strategies, and a dedicated mobile app for field collections named CG Collect. Additionally, they offer Billzy digital payments, a legal management system, and in-depth analytical models. With these tools, lenders can significantly enhance their resolution rates, streamline collections, transform the customer experience, and notably reduce non-performing loans.
With the fresh capital infusion, Credgenics is poised to broaden its offerings and extend its business reach. The company is committed to helping banks, non-banking finance companies, ARCs, and digital lending firms across the globe leverage cutting-edge technology to revolutionize their debt recovery processes.
About WestBridge Capital:
WestBridge Capital is a leading investment firm dedicated to transforming India through purpose-driven capital. Established in 2000, they've made over 150 investments in businesses connected to India and South Asia, ranging from startups to public entities. Their investment focus spans sectors like consumer, e-commerce, edtech, electric vehicles, and more. With a holistic approach that values long-term partnerships and time, WestBridge emphasizes the power of relationships, collaborating with diverse professionals to realize innovative solutions. Their mission is not just financial growth but also fostering sustainable solutions that amplify India's global technological leadership.
About Accel India:
Accel India, a segment of the global venture capital firm Accel, stands as a committed partner to exceptional teams and startups. Their motto, "First partner to exceptional teams everywhere," underscores their dedication to nurturing and supporting innovative ventures from their early stages. The website showcases a timeline of various investments, indicating their active involvement in multiple funding rounds, from seed stages to IPOs. Accel India's philosophy is evident through quotes from various founders and CEOs, emphasizing the importance of passion, commitment, customer-centricity, and adaptability in the entrepreneurial journey. Their commitment extends beyond just funding, as they believe in building lasting relationships, understanding the unique challenges of startups, and providing the necessary guidance and support to help them scale and succeed.
About Tanglin Venture Partners:
Tanglin Venture Partners, a venture capital firm, is deeply committed to supporting exceptional entrepreneurs who leverage technology to tackle intricate local challenges. Their ethos is evident in their dedication to "Backing exceptional founders solving complex problems." A notable example from their portfolio is Open, a user-centric digital banking platform designed for small and medium-sized enterprises (SMEs) that simplifies banking processes. Tanglin boasts a profound understanding of the Indian tech sector, enhanced by unique networks and access. Their team, a blend of seasoned tech operators and investors, brings a wealth of expertise, emphasizing a long-term, collaborative approach to investments. The firm's active media presence further underscores their significant role in the Indian tech ecosystem, highlighting their investments and the milestones achieved by their portfolio companies.
About Beams FinTech Fund:
Beams FinTech Fund is at the forefront of the fintech revolution in India, with a clear vision of molding market leaders in the sector. As India's first growth stage-focused fintech fund, Beams primarily invests in companies that operate at the intersection of financial services and technology. With over 75 years of combined investing experience, the team boasts rich domain expertise in both financial services and fintech, complemented by a blend of investing, entrepreneurship, and operational track records. Their strategic advantage is further amplified by deep relationships with domestic and global banks, NBFCs, financial institutions, fintechs, mentors, and advisors. This network positions them to add unparalleled value to their portfolio companies. Beams is thesis-driven, concentrating on fintech sub-segments that are set to significantly contribute to India's growth. Their focus areas include embedded financial services, new products & technologies, software for global markets, open banking, digital financial inclusion, and platforms & networks. Beyond just capital, Beams has cultivated an integrated ecosystem that equips their portfolio companies to thrive and dominate the fintech landscape.