With default rates touching 60% in India due to Covid-19 pandemic, lenders are looking to manage collections effectively. Credgenics, India’s first of its kind debt resolution start-up has received Rs 27 crore (US$3.5 million) in a pre-Series A round led by Accel Partners, DMI Alternatives fund with participation from existing investors Titan Capital.
Credgenics, which was founded in 2018 by IIT Delhi Alumni, Rishabh Goel, Anand Agrawal and Mayank Khera, Credgenics is a SaaS based collections and legal automation platform aiming to solve India’s $200 billion+ bad debt problem.
Rishabh Goel, CEO & Co-Founder, Credgenics, said, “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.”