back Back

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

By Leandra Monteiro

April 19, 2023

  • Credgenics
  • Credit Management
  • Debt
Share

Credgenics, Credgenics, a 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,” said Agrawal.

“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 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.

Previous Article

April 19, 2023

Mbank partners with Dgpays to launch a digital wallet

Read More
Next Article

April 19, 2023

Volkswagen Financial Services taps Oracle for tech modernisation 

Read More









IBSi Daily News Analysis

Middle East, Egypt

January 16, 2024

Credgenics

Egypt among top remittance recipient countries in 2023: World Bank

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Finastra taps Databricks to boost AI capabilities & enhance services

Read More

Today

Worldline partners with Google to enhance cloud-based innovation

Read More

Today

10x Banking secures fresh funding to fuel global expansion

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023