A naukri.com initiative
Economic Times
1M
235
Image Credit: Economic Times
Debt collection platform Credgenics’ profit triples to Rs 25 crore in FY25; revenue up 40%
- Debt collection platform Credgenics reported a profit tripling to Rs 25 crore in FY25, driven by the demand for efficient recovery mechanisms amid stress on unsecured loans and rising default rates.
- The company's revenue increased by 40% to Rs 220 crore in FY25 compared to the previous year, with a focus on reducing dependence on unsecured personal loan accounts.
- Credgenics offers a software-as-a-service platform for lenders to manage loan collections, automate processes, and enhance repayment facilitation.
- The company is working with public sector banks on technology-led collection solutions, capitalizing on new revenue streams.
- Credgenics collaborates with 160 clients, including private banks, NBFCs, fintechs, and asset reconstruction companies, with notable partners like HDFC Bank, ICICI Bank, and Reliance Asset Reconstruction.
- CEO Rishabh Goel emphasized leveraging technology to address the challenges of scaling loan books by enhancing collection efficiency.
- Credgenics aims for growth within existing accounts, expanding its PSB client base, and venturing into international markets like the Middle East.
- In 2023, the company secured $50 million in funding from investors, valuing Credgenics at $340 million.
- Competitors of Credgenics include SpoctoX, CreditNirvana, and Rezolv, employing data-driven models to predict borrower behavior and implement recovery strategies.
Read Full Article
13 Likes
For uninterrupted reading, download the app