In addition, the business intends to more than double its topline in FY24 to Rs 200-250 crore, up from over Rs 100 crore in FY23, by leveraging the adoption of its debt resolution products such as digital collections, litigation management, field collections mobile app, and others.
Credgenics, a SaaS-based debt collection and resolution platform financed by Accel Partners, is on target to become profitable by the end of this fiscal year, according to Rishabh Goel, co-founder and CEO.
“We were able to report a profit of around Rs 50-60 lakh in our first year of operations, but then a lot of investments were made in HR, technology, product, and R&D.” We broke even on a monthly basis early this year and should be profitable by the end of the year,” Goel added.
In addition, the business intends to more than double its topline in FY24 to Rs 200-250 crore, up from over Rs 100 crore in FY23, by leveraging the adoption of its debt resolution products such as digital collections, litigation management, field collections mobile app, and others.
What exactly is Credgenics?
Credgenics is a forward-thinking FinTech that delivers sophisticated loan collection and debt recovery technology solutions to banks, non-banking financing businesses, ARCs, and digital lending enterprises throughout the world.
In India and Indonesia, Credgenics has over 100 customers, including financial institutions such as ICICI Bank, HDFC Bank, IDFC First Bank, Mahindra Finance, IIFL Finance, and DMI Finance. The organization presently manages 60 million retail loan accounts with a $5 billion monthly loan book value.
Banks and NBFCs account for over 80% of its customer base, with fintechs accounting for the remainder. “In terms of penetration, I think there are some regions like Chennai and Jaipur where there is a huge penetration of NBFCs, but we are not there yet in many of them,” Goel said in an interview.
Credgenics anticipates considerable demand for its debt resolution services in the later quarters of this fiscal year, when retail lending activity is stronger.
“I believe the pace of lending is slower in the first two quarters compared to the last two quarters, when both consumer and MSME credit demand is higher.” “A lot of agri-based financing occurs during this harvesting season,” he added.
To far, the firm has raised $75 million from investors including Westbridge Capital, Tanglin Venture Partners, and Accel Partners. It just secured $50 million in a series B investment round spearheaded by these investors, giving it a $340 million valuation.
