Beams Fintech Fund, India’s first Growth Stage Fintech Fund, has invested an undisclosed amount in a Series B round of USD 50 mn in India’s leading Debt Collection SaaS platform, Credgenics. Beams has invested alongside Westbridge and Accel in this round. Other investors in this company include Tanglin, Tital Capital, and DMI Finance.
Founded in 2018 by Rishabh Goel, Anand Agarwal, and Mayank Khera, Credgenics is revolutionizing the way collections are made and serviced in the country. The AI-powered SaaS-based platform has also garnered recognition from IBS Intelligence as the #1 Bestselling Loan Collection Platform in India in their Annual Sales League Table 2022.
Digital debt collections is 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. Digitization is the only way to achieve this at scale. Credgenics is helping accelerate the pace of digitization but address the gaps in the debt collection operations.
Till date, Credgenics has worked with over 100+ customers in the BFSI segment (Banks, NBFCs and Fintechs). Credgenics has handled 40 million retail loans till date and sends 60 million digital communications every month. With Credgenics, lenders have increased resolution rates by 20%, improved collections by 25%, reduced collections cost by 40%, reduced collections time by 30%, and improved legal efficiencies by 60%.
Beams Fintech Fund’s ecosystem and network of 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. Beams 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 & Co-Founder of Beams, said, we have spent a lot of time in the Banking Infrastructure and Tech space to identify segments which are mission-critical for Banks & FIs. Collections has been a long-standing challenge for FIs globally, and a key concern area where FIs are willing to pay to improve efficiencies. As lending markets will become larger over the next decade, FIs will have to spend capital on resources and technology to effectively collect at the same 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.
Anand Agrawal, Co-founder and CPTO 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 market-leading collections platform, we are committed to empowering individuals and businesses worldwide to simplify the management of their debt resolutions.