Credgenics Startup - Optimizing Debt Collection and Reduction through Artificial Intelligence

Credgenics is a Software-as-a-Service (SaaS) based collections platform integrated with legal automation services. It works with digital lenders, banks, financial investment firms, and Non-Banking Financial Companies (NBFCs) to increase their debt-recovery efficiency and reduce collection costs. Essentially, the Fintech startup makes it easier for lenders to track repayment statuses and debt collections through an automated process. In addition, it created a system of independent, neutral parties whose goal is peaceful settlements and arbitrations through technology.

Fun Fact: In less than three years since its inception, Credgenics works with India’s most prominent banks such as Axis Bank, ICICI Bank, Kotak Bank, and IDFC First.

Credgenics: Key Points –

• Company Name - Credgenics
• Parent Company - Analog Legalhub Technology Solutions
• Founded - October 10, 2018
• Founders - Anand Agrawal, Mayank Khera, Rishabh Goel.
• Headquarters - New Delhi, India
• Industry - Financial technology, SaaS, NPA Resolution
• Last Funding Type - Series A
• Current Total Valuation - $100 million
• Products/ Services - SaaS-based NPA reduction, debt collection, legal automation
• Company Type - Privately Held; For Profit
• Website - www.credgenics.com

Credgenics - Founders

Anand Agrawal and Rishabh Goel are IIT Delhi Alumni and co-founded Credgenics in 2018 with Mayank Khera, who studied law at GGSIPU, Delhi.

• Anand Agrawal, the current CTO, was a part of prior startups such as 1mg and UrbanClap.
• Rishabh Goel, the current CEO, worked in the financial sector for Deutsche Bank and BlackRock.
• Mayank Khera, the current COO, is a practising Advocate in the New Delhi Courts of law.

Credgenics – Brand Name & Tagline

• Tagline: Credgenics’ tagline, “Converting Bad Debts into Good Assets”, is the basic principle and goal of the startup.
• Brand Name: The name itself is straightforward as well, with “cred” coming from “credit” and “genics” from the “genesis” of technology in debt collection.

Credgenics Startup - USP & Strength

• Good Network of recovery specialist lawyers
• Automated Communication and Digital Legal Notice Module
• Recovery Chances Predictor - Artificial Intelligence (AI) and Machine Learning (ML) to gauge the probability of repayment by a borrower
• Monitors borrower behaviour
• Provides collection strategies based on borrower data
• Automated collections & automated notices on default
• Timely reports and insights
• Case Tracking - Instant notifications and regular updates of all cases
• Live tracking of speed post
• Real-time analytics and actionable insights into borrower behaviour
• Coverage across all major metro cities and states

Credgenics - Business Model

The business model focuses on the SaaS platform and debt collection services. Clients can either use the software platform alone, where they upload data, and the Application Programming Interface (API) software stores and manages the information, and in-house teams can communicate with borrowers.

Alternatively, clients may use both the collection and software service, where Credgenics’ Automated Communication and Digital Legal Notice Module communicates and sends automated legal notices to the borrowers upon default. The clients (lenders) may supervise, track, and make adjustments to such communications should they choose to.

Revenue Source: Credgenics charges a lump sum amount for the use of the software platform. If the clients choose to use recovery solutions as well, then the startup receives a certain percentage of the recovered loan amount.

Credgenics - Competitors

• CreditMate
• Moneytor
• Creditas
• CreditNirvana
• HighRadius

Credgenics Startup - Achievements

• Best Emerging Fintech Company 2020 - Payment Collection & Recovery Category
• Credgenics’ Founders were featured in Forbes’ 30 under 30
• The founders also won the Young Entrepreneur awards from Business Mint for two years in a row.

Fun Fact: Credgenics’ valuation escalated by 5.5 times to $100 million within six months of its last fundraiser.

Credgenics - Funding and Investors

Over three rounds, Credgenics raised $28.6 million in funding. Its lead investors are Titan Capital, WestBridge Capital, Accel India, and Tanglin Venture Partners.

Credgenics - Future Plans

According to the company, funds raised will “be used to expand into new demographics, strengthen its research and development (R&D) capabilities, and scale core operations across India”. Rishabh Goel stated the roadmap included finding experienced professionals, building a world-class leadership team, and an international expansion beyond the Indian demographic.