Credgenics turns operationally profitable, eyes INR 240 crore revenue this fiscal

•Achieved INR 100 crore revenue in FY 2022-23 resulting in 7x growth over the past 18 months
•Working with more than 100 customers to revolutionize debt collections with its SaaS-based integrated technology platform

New  Delhi,  Apr  17,  2023:  Credgenics,  a  leading  provider  of  SaaS-based  debt  collections  and  resolution technology platform has announced that it has achieved operational profitability in its fourth year of operation. The company's success is attributed to its innovative approach to debt management, which leverages technology to digitally transform the debt collections processes for Banks, NBFCs, FinTechs and ARCs. Credgenics anticipates growing by more than 100% in the current fiscal year, with an expected revenue of approximately INR 240 crore.

Backed by WestBridge Capital, Tanglin Venture Partners, and Accel Partners, Credgenics has touched an overall loan book worth USD 47 Billion in FY 22. Credgenics has seen lenders improve their collection efficiency by 25% and reduce the costs of collections by 40%. Credgenics is working with some of the leading private banks and non-banking  financial  companies,  including  IIFL  Finance,  Mahindra  Finance,  IREP  Credit  Capital  and  others,  as well as Fintechs, the future lenders. The company has handled 40 million retail loans till date and sends 60 million digital communications every month.

Speaking  on  the  announcement,  Rishabh Goel,  Co-Founder & CEO, Credgenics said, “We  are  excited  to  have achieved our  revenue  target  of  INR  100  crore  in  the  financial  year  2022-23  and  we  expect  to  clock  100%  YoY revenue  growth  in  FY  2023-24  to  reach  INR  240  crore.  We  strongly  believe  that  our  success  reflects  our commitment to continue delivering exceptional customer experience and driving positive business outcomes for our clients.”

Anand  Agrawal,  Co-Founder  &  CPTO,  Credgenics  commented,  “Since the last fundraise  in  2021,  our  revenue has  increased  7  times,  our  customer  base has  expanded  five  times  to  reach  100,  and our  employee  count  has increased to 300, which is five times its previous size. “

“The ability to lend money is contingent on having an effective  debt  collection  mechanism  in  place.  Though lenders have traditionally tackled this issue through various methods such as relying on manual efforts, complex home-grown systems, outsourcing control to agencies and using multiple disconnected systems. In contrast, we have  provided  futuristic  technology  solutions  to  address  this  challenge  efficiently  through  our  automated, digitized and data-driven platform,” Agrawal mentioned to PTI in an interview.

“We have adequate capital, and while we continue to add on our robust market presence in India, our efforts will also  be  directed  towards  expanding  our  business  to  international  markets,  including  Southeast  Asia.  We commenced our operations in Indonesia last year and are soon entering Vietnam." Goel added.

Credgenics offers insights-driven personalized approach for communications across multiple channels, including chatbots, voicebots, WhatsApp, IVR, SMS, and emails. The market-leading platform offers a comprehensive suite of debt resolution solutions including digital collections, litigation management, field collections mobile app, and payments  platform  that  use  AI  driven  intelligent  automation  and  Machine  Learning  models  to  deliver  highly efficient collections. With these advanced technologies, Credgenics is able to help creditors reimagine their debt collection process while also providing debtors with a more user-friendly and efficient experience.  

Credgenics  has  expanded  this  year  with  offices  now  in  7  locations  including  Delhi  NCR,  Hyderabad,  Mumbai, Jakarta and Singapore and will soon be opening in Vietnam as well.

About  Credgenics: Credgenics  is  the  leading  provider  of  Loan  Collections  and  Debt  Resolution  technology platform to Banks, Non-banking finance companies, FinTechs, and ARCs worldwide. The AI-powered SaaS-based platform has been recognized as the #1 Best Selling Loan Collections Platform in India by IBS Intelligence in their Annual Sales League Table 2022. Credgenics works with more than 100 customers and has touched an overall loan book worth USD 47 Billion in FY 22. It has handled 40 million retail loans till date and sends 60 million digital communications  every  month.  With  Credgenics,  lenders  have  increased  resolution  rates  by  20%,  improved collections  by  25%,  reduced  collections  cost  by  40%,  reduced  collections  time  by  30%,  and  improved  legal efficiencies by 60%.