• 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, April 19, 2023 /PRNewswire/ — 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,“ 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 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.