Latest news with #Credgenics
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Business Standard
2 days ago
- Business
- Business Standard
Digital debt collection makes strides as lenders use tech to cut visits
For a business that's taken huge strides in recent years, mirroring the growth in retail credit, there's hardly anything by way of a sizing study on it premium Raghu Mohan Listen to This Article 'We currently manage collections for over 98 million retail and small-business loan accounts, covering a loan book of about $250 billion,' says Rishabh Goel, cofounder and chief executive officer (CEO) of Credgenics, a software-as-a-service platform for debt collection. With more than 700 million smartphone users and over 450 million UPI users, digital access is everywhere. 'WhatsApp, used by over 550 million of us, is now a default channel for collections and legal followups,' points out Nitin Purswani, cofounder and CEO of Medius Technologies. And that 'over 25 million people paid EMIs digitally in May 2025. Many of these are missed
Business Standard
21-07-2025
- Business
- Business Standard
Fintech Pioneers: Credgenics Co-founders featured in the prestigious Avendus Wealth - Hurun India U30 List 2025
VMPL New Delhi [India], July 21: Credgenics, the leading provider of SaaS-based debt collections and resolution platform worldwide, today announced that Rishabh Goel, Co-founder and CEO, and Anand Agrawal, Co-founder and CPTO, have been featured in the prestigious Avendus Wealth - Hurun India U30 List 2025. This recognition celebrates their innovative entrepreneurial approach to transforming the financial services sector and their significant impact on the fintech landscape with Credgenics. The Avendus Wealth - Hurun India U30 List 2025, celebrates 79 exceptional young leaders aged 30 and below who are redefining the future of the Indian economy across industries. This curated list highlights two categories of trailblazers: first-generation founders building ventures valued at USD 25 million or more, and next-generation leaders steering family-owned businesses with valuations of at least USD 50 million. Financial services emerged as the third-most represented sector in this inaugural Under-30 edition, with nine standout entrepreneurs making their mark in the industry. Credgenics has established itself as a pioneer in AI-driven loan collection solutions, managing an impressive portfolio of over 98 million accounts worth $250 billion in FY24. The company's technology-first approach has revolutionized traditional collection methods, enabling financial institutions to optimize their recovery processes while maintaining strong customer relationships. "Being recognized in the Hurun-Avendus U30 List with other innovative young leaders is both an honour and a testament to our team's dedication to transforming the financial services landscape," said Rishabh Goel, Co-founder and CEO of Credgenics. "We are committed to leverage AI and digital technologies for making debt collections future-ready, super efficient, and data-driven. This is benefitting the entire credit ecosystem and speeding up financial inclusion across the country." Anand Agrawal, Co-founder and CPTO of Credgenics, added, "This recognition in the Hurun-Avendus U30 List validates our approach of using AI backed innovation to simplify and transform debt collections. We are working to enhance credit health for individuals globally, which transforms into easy universal access to formal credit. We're proud to be a part of India's vibrant fintech ecosystem and facilitating our meaningful impact in the nation's inclusive economic growth." Credgenics' success story exemplifies the dynamic nature of India's fintech sector, which continues to attract significant investment and fast track the financial empowerment of the masses. The recognition comes at a time when AI-powered collections solutions are becoming increasingly crucial for Banks, NBFCs, Fintech lenders and ARCs seeking to optimize their operations while maintaining compliance and customer satisfaction. Credgenics' market leading platform addresses these needs by providing intelligent, automated collection strategies that improve recovery rates while reducing operational costs. About Credgenics: Credgenics is the leading full-stack, AI-powered loan collections and debt resolution technology platform for Banks, Non-Banking Financial Companies (NBFCs), FinTechs, and Asset Reconstruction Companies (ARCs) globally. Recognised as the Best Selling Loan Collections Platform in India by IBS Intelligence in their Annual India Sales League Table for three consecutive years, Credgenics is modernizing debt recovery processes. The platform combines predictive and generative AI capabilities to assess risk, segment borrowers, and execute personalized recovery strategies across the end-to-end collections lifecycle. Supporting all credit products across retail and SME/MSME portfolios, Credgenics empowers lenders to accelerate recoveries, optimize operational efficiency, and scale smarter, data-driven collections. In FY24, the platform managed over 98 million loan accounts worth more than USD 250 billion and facilitated over 1.7 billion omnichannel communications, serving 150+ financial institutions worldwide.
Entrepreneur
12-06-2025
- Business
- Entrepreneur
Credgenics Posts 40% Revenue Growth for FY24–25; Eyes Global Expansion
With its tools now handling collections across retail, SME, and MSME portfolios, Credgenics says it has helped lenders significantly cut costs while boosting recovery rates You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Credgenics, a SaaS-based debt resolution platform, reported a 40 per cent increase in annual revenue for FY 2024–25, pushing total earnings to INR 220 crore. The company also logged a profit before tax of INR 25 crore, reinforcing its position as a dominant player in the debt collections technology sector. According to a press release from the company, the performance reflects growing demand for digital-first, AI-powered solutions in a financial landscape grappling with scale and efficiency challenges. With its tools now handling collections across retail, SME, and MSME portfolios, Credgenics says it has helped lenders significantly cut costs while boosting recovery rates. The announcement also comes as Credgenics signals broader ambitions beyond India. "We plan to further expand our presence both in India and other geographical locations, including the South East Asia and Middle East," said Rishabh Goel, co-founder and CEO. "With our revenue growing consistently at a high pace with sustained profitability, we have reinforced our dominant market leadership in this space." Goel emphasized the company's intention to push deeper into AI, especially Generative AI, to improve customer engagement and further automate collections. "Our goal is to continue delivering superior business value through our AI powered innovative platform while enhancing the experience for credit consumers," he said. Anand Agrawal, co-founder and CPTO, added that the company's growth is being driven by customer demand for end-to-end solutions that simplify the collections process. "Over the past year, we have scaled our platform and added new capabilities to meet the growing aspirational requirements of our customers," he said. "We remain focused on providing excellence with innovation as we further expand our customer base while providing unique solutions for new and diverse business use cases." Credgenics' platform integrates tools like AI-based collections strategy prediction, digital payments, litigation management, and multichannel communication. Its use of technologies like predictive dialers, Gen AI-powered voicebots and videos, and an online dispute resolution system reflects the industry's shift toward automation and data-driven decision-making. The company is backed by firms like WestBridge Capital, Accel, and Beams Fintech Fund.
Economic Times
11-06-2025
- Business
- Economic Times
Debt collection platform Credgenics' profit triples to Rs 25 crore in FY25; revenue up 40%
Debt collection platform Credgenics reported a nearly three-fold rise in net profit to Rs 25 crore for the financial year 2024-25, thanks to lenders seeking more efficient mechanisms for recovery amid stress on unsecured loans and rising default company's total revenue rose to Rs 220 crore in FY25, up from Rs 155.6 crore the previous year. However, the Noida-based company did not disclose its overall expenses for the fiscal year. In an interaction with ET, cofounder and CEO Rishabh Goel said Credgenics has reduced the share of unsecured personal loan accounts in its collections portfolio in response to regulatory tightening in the segment. The company is aiming to lower its dependence on such volatile lending products and focus on stable growth.'Overall, I think we might have anticipated even higher growth than the current numbers... we have to be satisfied with the current numbers because of the overall ecosystem of personal loans, and others,' Goel told ET. Founded in 2018, the company offers a software-as-a-service (SaaS) platform that helps lenders manage loan collection. The platform provides tools to automate and monitor the collection process, including borrower communication, field operations, legal workflows, and repayment facilitation. Goel noted that public sector banks (PSBs) are increasingly exploring technology-led solutions for collection, with some issuing requests for proposals (RFPs) to onboard fintech partners. Credgenics is currently working with several PSBs to enhance their collection processes, opening up a new revenue stream for the company. Currently, the platform works with around 160 clients, including private banks, NBFCs, fintechs, and asset reconstruction companies. Credgenics' partners include HDFC Bank, ICICI Bank, Reliance Asset Reconstruction, IIFL Finance, and Aye Finance.'Across the financial services value chain, people were not able to scale their loan book faster even though they had access to capital. The reason was they were not able to collect. Hence, we started to make use of a lot of technology,' said CEO added that while the company is focused on expanding its PSB client base, it is also betting on growth within existing accounts and international markets. Credgenics recently entered the Middle East and is doubling down on its presence in the region. In 2023, Credgenics raised $50 million from investors, including Westbridge Capital, Accel, Tanglin Ventures, and Beams Fintech Fund, valuing the company at $340 million. The company competes with rivals such as Yubi-owned SpoctoX, Perfios-owned CreditNirvana, and Rezolv, which use data-driven models to analyse borrower behaviour, pre-empt defaults by monitoring account activity, and implement targeted recovery strategies.
Mint
20-05-2025
- Business
- Mint
Credit score: Banks take THESE 5 key decisions based on your creditworthiness
In India's rapidly evolving financial landscape, clearly understanding what lenders foresee or find out from your credit score is crucial. As a general rule, currently a credit score of 750 or above is considered excellent. Such a high credit score and unblemished repayment history significantly influences loan approvals by making the entire process easier along with more friendlier interest rates. The Reserve Bank of India (RBI) has also played an integral role in developing the credit score ecosystem in the county. The RBI basically licenses and regulates credit bureaus in the country under the Credit Information Companies (Regulation) Act, 2005. This again explains the importance of maintaining a clean and healthy credit profile. Rishabh Goel, Co-founder & CEO, Credgenics, says 'When you apply for a loan or credit card, your credit score gives lenders a quick overview of your financial habits and creditworthiness. It reveals key insights such as your payment discipline, whereas delays in bill or loan payments signal risk; outstanding debt levels, where high balances may indicate financial stress; the length of your credit history, which helps gauge long-term financial behavior; your credit mix, showing how well you manage different types of credit; and recent credit activity, where multiple applications may suggest instability. Together, these factors help lenders assess how likely you are to repay borrowed funds responsibly and on time.' Hence, keeping the above factors in mind, let us understand the five key insights lenders derive from an individual's credit score: Creditworthiness assessment: Financial institutions and lenders check your credit score to understand your creditworthiness and reliability in repaying the availed debts. A higher credit score and a clean repayment history indicates a lower risk profile. This enhances the chances of the borrower of loan approvals and seamless credit card clearance. Determination of interest rates: The credit score assigned to you directly influences the applicable interest rates offered. Borrowers with higher credit scores easily receive loans in a smooth fashion. This results in the reduction of the overall cost of borrowing. Credit limit decisions: Banks consider your credit score while setting your credit limits and the maximum amounts they can risk on you as a borrower. A higher score suggests a safe borrower thus a higher credit limit naturally. This also helps borrowers in providing greater financial flexibility. Loan terms and tenure: A strong credit profile or a strong credit score i.e., any score in the range of 750 or more can positively influence the terms, tenure of the loan. Such a score has the potential to offer more extended repayment periods and better conditions. Clearance of premium credit products: Premium credit cards, enhanced benefits and lucrative rewards all become possible with a clean repayment history and a higher credit score. The RBI has now mandated all banks and NBFCs to update credit bureau records every 15 days. This is a reduction from the earlier monthly cycle. Under this new regulation lenders are required to submit credit information to credit information companies (CICs) such as CIBIL, CRIF High Mark, Experian and Equifax among others on a fortnightly basis. The CICs then must process and update this data within the stipulated time. This simple step hence ensures that the credit profiles of borrowers are updated and current. The development also allows borrowers to track their credit health more proactively and consistently. Thus helping lenders base decisions on real-time data, improving accuracy and trust in the credit ecosystem. Therefore, maintaining a clean credit profile and strong credit score is crucial for easier loan approvals, favourable interest rates and superior credit limits. With RBI's timely updates borrowers benefit from accurate credit profiles, fostering smarter lending decisions and improved financial opportunities. Disclaimer: Mint has a tie-up with fintechs for providing credit; you will need to share your information if you apply. These tie-ups do not influence our editorial content. This article only intends to educate and spread awareness about credit needs like loans, credit cards and credit scores. Mint does not promote or encourage taking credit, as it comes with a set of risks such as high interest rates, hidden charges, etc. We advise investors to discuss with certified experts before taking any credit.
