Mumbai, Monday, 28th August’23 – Beams Fintech Fund, India’s first Growth Stage Fintech Fund, has invested an undisclosed amount in a Series B round of USD 50 mn in India’s leading Debt Collection SAAS platform, Credgenics. Beams has invested alongside Westbridge and Accel in this round. Other investors in this company include Tanglin, Tital Capital and DMI Finance.
Founded in 2018 by Rishabh Goel, Anand Agarwal and Mayank Khera, Credgenics is revolutionizing the way collections are made and serviced in the country. The AI-powered SaaS- based platform has also garnered recognition from IBS Intelligence as the #1 Bestselling Loan Collection Platform in India in their Annual Sales League Table 2022.
Digital debt collections is the need of the hour with lending moving into the instant mode, digital format, and fast gear. As lending volumes increase and instant loans with smaller ticket sizes grow, bringing down the cost of collections becomes a key priority. Digitization is the only way to achieve this at scale. Credgenics is helping accelerate the pace of digitization but address the the gaps in the debt collection operations.
Till date, Credgenics has worked with over 100+ customers in the BFSI segment (Banks, NBFC’s and Fintech’s). Credgenics 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%.
