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.
Read also – [Funding alert] Zepto Secures $200 Million, Becomes First Unicorn of 2023
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.
Beams Fintech Fund’s ecosystem and network of LPs, which includes leading Banks and NBFCs, will look to partner with Credgenics. Beams value add strategy is to cross-pollinate between its LPs and portfolio companies. Beams will facilitate access to its banking network and open doors to its group’s portfolio of 250+ startups for partnerships, collaboration, and potential acquisition opportunities for Credgenics.
Read also – [Funding alert] Ecowrap Raises Undisclosed Amount In Pre-Series A Funding Led by JIIF
“Credgenics is a market leader today in collections plug-and-play SaaS space. Rishabh, Mayank, and Anand have productised the problem of collections for FIs and have used a first principles approach towards building the platform and providing a unique solution for FIs. We are delighted to partner with Credgenics and see a clear path to a huge revenue market for the company,” Agarvwal said.
Anand Agrawal, Co-founder and CPTO, Credgenics, said, “We are thrilled to welcome Beams Fintech Fund as a new investor in our Series B round. This infusion of capital will serve as a catalyst for propelling our next phase of growth in the Southeast Asia region and powering new developments in the product.”
Read also – [Funding alert] 13SQFT.com Secures $1 Million In Pre-Series Funding
“We are focused on ushering in a new era of debt collections through innovation and rapid adoption of digital technology. With our collections platform, we are committed to empowering individuals and businesses worldwide to simplify the management of debt resolutions,” he added.
About CREDGENICS
It all started when the founders saw firsthand how lenders in developed nations employed technology to improve collection efficiency. However, when they returned to India, everything was done manually or with the assistance of antiquated software that was just not designed to handle collections. NPA rates were skyrocketing.
Loan management software was more focused on underwriting, but debt collection relied on pushy salespeople, disconnected phone calls, and lengthy legal fights. To solve such problems they built Credgenics. There enhanced collections may benefit not only lenders but also the economy. They recognized that improving loan recovery may change the lending landscape.
Read also – [Funding alert] HR Tech Startup Weekday Raises $2.2 Mn In Seed Funding
