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Debt collections SaaS platform Credgenics has raised $50 million in a Series B funding round led by WestBridge Capital, Accel, Tanglin Venture Partners, Beams FinTech Fund , and other strategic investors. 

The company raised the fresh round at a valuation of $340 million. It plans to use the funds for product innovation and international expansion and to tap into other BFSI (banking, financial services, and insurance) segments.

“With these resources, we can extend our innovative debt recovery solutions to new markets, empowering individuals and businesses worldwide to regain control of their loan collections,” said Rishabh Goel, Co-founder and CEO, Credgenics.

Launched in 2019, the SaaS platform digitises the loan collection process, besides providing services such as analytics, litigation management, agent performance management, a field collection mobile app, and a AI-driven payments platform. 

The company has a clientele of over 100 private banks, NBFCs, fintech firms, and asset reconstruction companies, including IIFL Finance, Mahindra Finance, ICICI Bank, HDFC Bank, DMI Finance, Hero Fincorp, TVS Credit, IREP Credit Capital, and Indifi.

Credgenics said it has grown seven times since its last fundraise in 2021 at a valuation of $100 million. It touched an overall loan book worth $60 billion in FY23, handling 11 million retail loan accounts and sending 60 million digital communications every month.

“With Credgenics, lenders have increased resolution rates by 20%, improved collections by 25%, reduced collections costs by 40%,” said the company.

Credgenics, which also has presence in Jakarta, Singapore, and Vietnam, said it turned operationally profitable and reported a revenue of Rs 100 crore in FY23.

“We are in a prime growth phase where we plan to introduce more innovative solutions and expand our footprint in other countries as well as invest in product development,” said Anand Agrawal, Co-founder and Chief Product and Technology Officer, Credgenics.

Ashneer Grover (Third Unicorn), Abhimanyu Munjal (Hero Fincorp Group), Karthik Bhat (Force Ventures), Kushal Nahata and Gautam Kumar (Fareye) had placed their bets in the startup during the Series A round.