Credgenics Confident of Growth, Explores Acquisitions

New Delhi, Nov 8 (PTI) Fintech startup Credgenics is confident of its growth trajectory and looks at inorganic opportunities to expand business and explore new markets, according to the company's co-founder and CEO Rishabh Goel.

In an interaction with PTI, Goel spoke on revenue growth in recent years and adding new innovations to the company's service portfolio.

"Credgenics has experienced robust revenue growth in recent years, driven by our innovative solutions and strong partnerships in the financial services sector. Looking ahead to the next year, we are confident to sustain and move further on this growth trajectory. Credgenics will seek inorganic opportunities to accelerate the business growth and enter new segments and markets," Goel said.

Credgenics offers debt resolution solutions like artificial intelligence and machine learning-driven automation for payment collection, digital collection and analytics, litigation management, field collections, mobile app and agent performance management.

The company has raised USD 75 million (Rs 624 crore) so far from Westbridge Capital, Tanglin Venture Partners, and Accel Partners. In the latest fundraise, the company raised Rs 414 crore in August 2023.

Goel said lenders using the platform witness 20 per cent increase in resolution rates, a 25 per cent improvement in collections, a 40 per cent reduction in collection costs, a 30 per cent reduction in collection time, and a 60 per cent enhancement in legal efficiencies.

"We have touched an overall loan book worth USD 60 billion in FY23. We currently handle 11 million retail loans accounts and send 60 million digital communications every month in sectors such as non-banking financial company(NBFCs), reconstruction and private sector banks," Goel added.

The company announced reaching a revenue of Rs 100 crore in FY23, and also announced operational profitability in August this year.

On debt collection in India, Goel said, "India has strict regulations governing debt collection practices, and adherence to these regulations would remain a key priority."

On expansion plans, He said the company is building on its foray in Indonesia and strengthening presence in other South East Asian countries.

"Credgenics will seek inorganic opportunities to accelerate the business growth and enter new segments and markets," Goel added.

The company has offices in India, Indonesia and Singapore and plans to open one in Vietnam.