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Analog Legalhub, parent of Credgenics, posted a net profit of Rs 8.38 crore in FY24, reversing a loss of Rs 12.62 crore in FY23.

Total revenue climbed by 72.38% year-on-year to Rs 155.58 crore in FY24, up from Rs 90.25 crore in FY23, boosted by increasing adoption of digital debt collection and resolution tools across the financial sector.

Employee benefit expenses, one of the company’s primary cost drivers, saw an uptick of 49.86% year-on-year, rising to Rs 61.10 crore from Rs 40.77 crore in the previous fiscal as per consolidated financial statements.

Other expenses, which cover operational and administrative outflows like tech and legal spend, grew by 42.54%, reaching Rs 85.64 crore compared to Rs 60.08 crore in FY23.

Total expenses amounted to Rs 148.30 crore, reflecting a 44.16% increase from Rs 102.87 crore in FY23.

Credgenics is a technology solutions provider focused on loan collections and debt recovery. It offers a SaaS-based platform designed to enhance the efficiency of collections for financial institutions, including banks, non-banking financial companies (NBFCs), and digital lending firms.

Credgenics was founded in 2018 by Rishabh Goel, Anand Agrawal, and Mayank Khera. Rishabh Goel serves as the CEO, bringing experience from his previous roles at Deutsche Bank and BlackRock, where he recognized the challenges in debt recovery that impact economies due to rising bad loans.

Last year the software maker raised $50 million in a Series B funding round led by WestBridge Capital, Accel, Tanglin Venture Partners, Beams FinTech Fund , and other strategic investors at a valuation of $340 million.