National | 10th June 2020: Credgenics, India’s first of its kind debt resolution platform which combines the power of artificial intelligence with data science has raised seed round of funding led by Titan Capital, a fund backed by Snapdeal Founders Kunal Bahl and Rohit Bansal. The investment round also saw participations from seasoned investors including Mr. Rajesh Razdan, Founder & CEO, mCarbon; Mr. Ajay Garg, Managing Director, Equirus Capital, Mr. Mitesh Damania, Founder & Director, Kwench and Mr. Sunder Nookala, Founder & CEO, Kwench (acquired by Global Conglomerate O.C Tanner). Credgenics will utilize the funds to scaling operations in all metro cities of India, streamline and strengthening R&D on the product development, and to acquire new clients.
In India, where the credit demand of more than $600 Billion is being met through informal sources, digital lending is set to cross $100 Billion mark by the end of 2023. Increased disbursement of credit has also led to a spike in NPAs (Non Performing Assets) for both NBFCs and banks. This growing NPA concern led two IIT Delhi graduates, Rishabh Goel and Anand Agrawal along with legal expertise of Mayank Khera to start Credgenics, India’s only technology enabled Debt Recovery platform.
Having backed a lot of successful companies in the past, Mr. Rajesh Razdan commenting on the investment, said, ”The digitisation doesn’t come usually native to the legal industry and the team at Credgenics is a real honest attempt at solving that at scale by blending smart tech and legal processes. Out of several use cases of tech enabling for the legal procedural workload, the handling of NPA for the BFSI segment using analytics and intelligent process automation is truly innovative, commendable and am sure it will save a huge work load and costs for the BFSI sector in particular.”
Expressing his delight at the seed round, investment banker turned entrepreneur, Rishabh Goel, CEO & Co-Founder, Credgenics, said, “With boom in lending segment, the loan defaults are also increasing at an exponential pace and we have observed that the problem in India is not on lending but on the collections side, since it is easier to give the money than take it back. We are focussing on improving the collections efficiency leveraging technology and already in discussions with big Banks to deploy our platform to streamline their collection processes and reduce their NPAs. I am immensely thankful to all the investors for partnering in this journey with us and for their belief in our company’s vision. “
CTO & Co-Founder, Anand Agrawal added, “There’s a huge scope for innovation and redefining how collections are done basis previous default data and Credgenics platform is empowering debt recovery via use of this data along with creating new ways of communicating with defaulters, tracking all the communications and expediting the whole collection process. NBFC’s can now manage their default portfolio, communicate through multiple channels including major native languages, send legal notices/dunning letters in bulk, live-track the speed posts and cases filling in Indian Courts, everything at a single place.
