New Delhi, Nov 25 (UNI) A Delhi-based startup -- Credgenics -- on Wednesday received Rs 27 cr funding in a pre-Series A round led by Accel Partners and DMI Alternatives.
The company working with major private sector banks - ICICI Bank, IDFC First, Axis Bank and Yes Bank besides 32+ NBFCs like Loantap, DMI Finance, Clix Capital, Udaan, Moneytap and Moneyview, aims to solve India’s $200 billion+ bad debt problem.
Credgenics CEO Rishabh Goel said that lenders are looking to contain or manage collections effectively as default rates have touched 60 per cent in the country due to Covid-19 pandemic.
"We are the only ones with a full stack technology infrastructure to digitize their collection and legal process besides being equipped to handle volume collections while improving overall efficiency. Funds will be utilised to enhance product development, strengthen R&D and scale the operations across India", the CEO added.
The company basically a SaaS based collections and legal automation platform, founded in 2018 by Rishabh Goel, Anand Agrawal and Mayank Khera, is India’s first debt resolution platform that uses technology, automation intelligence and optimal legal routes to expedite debt resolution. It currently manages over Rs 150 crore of debt on its platform and has helped it's clients improve their resolution rates by 22 per cent besides significant reduction in overall resolution time.
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