New Delhi-based debt resolution startup Credgenics has raised Rs 27 crore ($3.5 million) in a pre-Series A round led by Accel Partners, DMI Alternatives fund with participation from existing investors Titan Capital.
Founded in 2018 by IIT Delhi alumni Rishabh Goel, Anand Agrawal, and Mayank Khera, Credgenics is a SaaS-based collections and legal automation platform aiming to solve India’s $200 billion+ bad debt problem. The startup is working along all the major private sector banks including ICICI Bank, IDFC First, Axis Bank, and Yes Bank and over 32 NBFCs including Loantap, DMI Finance, Clix Capital, Udaan, Moneytap, Moneyview, etc.
With default rates touching 60 percent in India due to COVID-19 pandemic, lenders are looking to contain/manage collections effectively. We are the only ones with a full stack technology infrastructure to digitise their collection and legal process besides being equipped to handle volume collections while improving overall efficiency. Funds will be utilised to enhance product development, strengthen R&D and scale the operations across India,” said Rishabh Goel, CEO and Co-founder, Credgenics.