[Funding alert] Debt resolution startup Credgenics raises seed round led by Titan Capital
India’s first of its kind debt resolution platform Credgenics, which combines the power of artificial intelligence with data science, has raised a seed round of funding led by Titan Capital — a fund backed by SnapDeal Founders Kunal Bahl and Rohit Bansal.
The startup will utilise the funds to scale its operations in all metro cities of India, streamline and strengthen its R&D on the product development, and to acquire new clients.
Co-founded in 2018 by IIT-Delhi Alumni and eminent lawyers Rishabh Goel, Anand Agrawal, and Mayank Khera, Credgenics is India's only technology-enabled platform for resolution of non-performing assets in the larger BFSI and fintech lending space.
Expressing his delight at the seed round, investment banker turned entrepreneur Rishabh Goel, CEO and Co-founder, Credgenics, said,
“With the boom in the 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 by leveraging technology, and are already in discussions with the big banks to deploy our platform to streamline their collection processes and reduce their NPAs (Non-Performing Assets)."
The investment round also saw participation from seasoned investors, including Rajesh Razdan, Founder and CEO, mCarbon; Ajay Garg, Managing Director, Equirus Capital; Mitesh Damania, Founder and Director, Kwench; and Sunder Nookala, Founder and CEO, Kwench (acquired by Global Conglomerate OC Tanner).
Having backed a lot of successful companies in the past, 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 the 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 workload and costs for the BFSI sector in particular.”
Credgenics currently works with 2200+ lawyers and collection partners.
Edited by Suman Singh