The Collections Gamechanger: Credgenics and India’s Digital Debt Recovery Revolution

Inroduction to Credgenics

Founded in 2018, Credgenics is India's leading AI-driven SaaS platform for loan collections and debt recovery for Banks, Non-Banking Financial Companies (NBFCs), FinTechs, and Asset Reconstruction Companies (ARCs) globally. Credgenics was founded by Rishabh Goel, Anand Agrawal, Mayank Khera, and Shubham Goel with a vision to remedy the inefficiencies that were hindering India's debt recovery system which was based significantly on human intervention and archaic legal workflows.

Based in Noida, Uttar Pradesh, Credgenics offers a range of technology software that digitizes and streamlines the end-to-end collections lifecycle. Leveraging cutting-edge data analytics, AI-driven predictor models, multi-channel communications tools, automated legal workflows, and a high-performing field collections mobile app, Credgenics enables lenders to increase recovery rates, reduce operational expenses, decrease recovery time, and enhance customer experience.

Financial Performance

In FY 2023-24, Credgenics achieved revenue of INR 155.58 Crores and net profit of INR 8.39 Crores on annual basis, further solidifying its leadership position in the space of collections technology. With over 150 financial institutions as clients, ranging from top private banks like ICICI Bank and IDFC First Bank to large NBFCs and HFCs, the company has serviced over 98 million retail loan accounts aggregating over USD 250 billion in value and enabled over 1 billion omni-channel communications.

Rishabh Goel, Anand Agrawal and Mayank Khera, co-founders, Credgenics

Debt recovery: a term which used to evoke images of reams of paper work, annoying calls, and lengthy court cases. Across India's huge lending landscape, this traditional method used to cost banks and NBFCs billions — with not much gain in net recovery figures.

Strategic Growth

Four visionaries, Rishabh Goel, Anand Agrawal, Mayank Khera, and Shubham Goel, in 2018 envisioned rewriting this fractured system. They envisioned a world where technology, and not fear, would assist lenders in recovering dues owed to them without disrespecting the borrowers. And so, Credgenics was born out of this daring vision.

Noida headquartered Credgenics built India's first SaaS platform powered by Artificial Intelligence exclusively for debt collections and resolution. They created intelligent predictor models to scrutinize borrower profiles, automated legal processes to slice court delays, and introduced tools for multi-channel communications — SMS, emails, calls — based on data, not assumptions.

The Challenges of Credgenics

Field officers also received a digital boost with CG Collect, a robust mobile tool providing real-time borrower data, task lists, and geo-tracking. What used to take stacks of paper now takes a few taps on a phone.

Within a matter of years, Credgenics revolutionized how lenders address bad loans. Top banks such as ICICI and IDFC First Bank, as well as 150+ financial institutions, now rely on Credgenics to manage recovery on 98 million retail loan accounts, worth a staggering USD 250 billion in value.

Their effect is real: 20% improved resolution rates and 40% reduced collection costs, as reported by the lenders. Credgenics even created an Online Dispute Resolution platform, enabling borrowers to peacefully resolve disputes without frequent visits to courts.

By FY23, Credgenics clocked ₹155.58 crore in revenues, making a healthy profit in the process and going global — with a recent expansion into Indonesia's enormous lending market.

Institutional Support and Future Prospects

Funded by industry players such as WestBridge Capital and Accel, Credgenics has been the #1 loan collections platform in India for three years running — a badge of honor certified by IBS Intelligence.

Essentially, Credgenics is about one simple belief: debt recovery need not be a nightmare for consumers or a black hole for banks. In a world hurtling toward digital-first everything, Credgenics demonstrates that even the oldest of sectors can be remade — equitably, securely, and sustainably.

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