Beams Fintech Fund, a growth-stage fintech fund, has invested an undisclosed amount in a Series B round of $50 million in Credgenics, one of India’s leading debt collection SaaS platforms. Beams invested alongside Westbridge and Accel in this round. Other investors in the company include Tanglin, Tital Capital, and DMI Finance.
Founded in 2018 by Rishabh Goel, Anand Agrawal, and Mayank Khera, Credgenics is revolutionising the way collections are made and serviced in India. Digital debt collections are the need of the hour with lending moving into the instant mode, digital format, and fast gear. As lending volumes increase and instant loans with smaller ticket sizes grow, bringing down the cost of collections becomes a key priority. Digitisation is the only way to achieve this at scale. Credgenics is helping accelerate the pace of digitisation but address gaps in debt collection operations.
Till date, Credgenics has worked with over 100+ customers in the BFSI segment, including banks, NBFCs and fintechs. Credgenics has handled 40 million retail loans till date and sends 60 million digital communications every month. It claims to have helped lenders increase resolution rates by 20%, improve collections by 25%, bring down collections cost by 40%, reduce collections time by 30%, and enhance legal efficiencies by 60%.
Beams Fintech Fund’s ecosystem and network of limited partners (LPs), which includes leading banks and NBFCs, will look to partner with Credgenics. Beams’ value-add strategy is to cross-pollinate between its LPs and portfolio companies. It will facilitate access to its banking network and open doors to its group’s portfolio of 250+ startups for partnerships, collaboration, and potential acquisition opportunities for Credgenics.
Sagar Agarvwal, Managing Partner and Co-Founder, Beams, highlighted the extensive time spent within the banking infrastructure and tech sector, pinpointing mission-critical segments for banks and financial institutions (FIs). In his opinion, collections, a long-standing challenge for global FIs, present a significant area where FIs are willing to invest for enhanced efficiencies. With the impending growth of lending markets, FIs will need to allocate resources and technology to maintain effective collection pace.
“Credgenics is a market leader today in collections plug-and-play SaaS space. Rishabh, Mayank, and Anand have productised the problem of collections for FIs and have used a first principles approach towards building the platform and providing a unique solution for FIs. We are delighted to partner with Credgenics and see a clear path to a huge revenue market for the company,” Agarvwal said.
Anand Agrawal, Co-founder and CPTO, Credgenics, said, “We are thrilled to welcome Beams Fintech Fund as a new investor in our Series B round. This infusion of capital will serve as a catalyst for propelling our next phase of growth in the Southeast Asia region and powering new developments in the product.”
“We are focused on ushering in a new era of debt collections through innovation and rapid adoption of digital technology. With our collections platform, we are committed to empowering individuals and businesses worldwide to simplify the management of debt resolutions,” he added.
