Debt resolution platform Credgenics has raised a seed round of funding led by Titan Capital.
Titan Capital is a fund backed by SnapDeal Founders Rohit Bansal and Kunal Bahl.
Credgenics plans to utilize the funds to scale its operations in all metro cities of India.
The startup also plans to streamline and strengthen its R&D on product development, and to acquire new clients.
Founded by Anand Agrawal, Rishabh Goel, and Mayank Khera in 2018, Credgenics is India’s leading recovery and technology-enabled collections platform.
Powered by AI and data science, Credgenics is also India’s only technology-enabled platform for resolution of non-performing assets in the larger BFSI and fintech lending space.
Talking about the lending market, Rishabh Goel (CEO and Co-founder Credgenics) said,
“With the boom in the lending segment, the loan defaults are also increasing at an exponential pace, and we have observed that the problem in India is not on lending, but on the collections side, since it is easier to give the money than take it back. We are focussing on improving the collections efficiency by leveraging technology, and are already in discussions with the big banks to deploy our platform to streamline their collection processes and reduce their NPAs (Non-Performing Assets).”