Latest news with #AnandAgrawal
India Today
30-07-2025
- Business
- India Today
How the subscription lifestyle is fuelling a new wave of debt
Once upon a time, shopping was straightforward; you paid, and that was that. No auto-renewals, no hidden terms. Fast-forward to today, and we're living in a 'subscribe now, forget later' streaming services to daily coffee subscriptions, groceries to grooming kits—almost everything can be delivered on tap. In fact, subscriptions have quietly woven themselves into our everyday spending. Add Buy Now, Pay Later (BNPL) schemes to the mix, and it all feels like a budget-friendly dream, until the bills start piling feels like financial flexibility is, for many, turning into an invisible burden. Especially for millennials and Gen Z, this subscription-led convenience is beginning to reveal a darker side: creeping, compounding SMALL PAYMENTS BECOME A BIG PROBLEMSubscriptions are usually sold as budget-friendly. 'Only Rs 499 a month' or 'less than the cost of one meal," this is how many services market themselves. It sounds manageable, until you're juggling half a dozen of them: music, OTT platforms, cloud storage, fitness apps, and more. Multiply that by twelve months, and it's easy to see where the salary goes. Recent estimates suggest that the average urban Indian holds 4 to 6 active subscriptions at any given time. Since payments are usually auto-debited, the slow leak goes unnoticed, until you start tracking it.A GENERATION OF DIGITAL SPENDERSMillennials and Gen Z, more than any generation before, are fluent in the language of digital convenience. They tap, swipe, and scan through life, using fintech apps, EMI offers, and instant credit. But that same ease is proving risky.'Gen Z is reshaping India's credit landscape with its rapid adoption of digital-first solutions like Buy Now, Pay Later and small-ticket EMIs,' says Anand Agrawal, CPTO and Co-Founder of Credgenics.'Limited financial literacy and impulsive spending habits make young people highly vulnerable to debt traps. Reports suggest nearly 40% of young borrowers carry unsustainable debt, often driven by lifestyle expenses rather than essential needs,' adds marks a shift from previous generations, who largely saved first and spent later. Today, it's more common to spend now and figure out repayments later. A few small payments might feel manageable in isolation, but combine them with BNPL instalments and credit card dues, and suddenly, there's not much salary left at month's A DOUBLE-EDGED SWORDThe popularity of BNPL apps has exploded. After all, who wouldn't prefer to split a Rs 10,000 payment into four easy parts? But this model can be deceptive.'BNPL creates a false sense of affordability,' explains Sameer Mathur, Managing Director, ROINET Solution. "Why pay Rs 10,000 now when you can pay Rs 2,500 later? But when there are multiple Rs 2,500s across platforms, debt creeps in quietly."He describes Gen Z's spending pattern as one of micro-spending without macro-awareness. 'A Rs 499 monthly subscription doesn't feel like a big decision. But when you have several, plus EMI offers and BNPL schemes, it becomes hard to keep up.'THE SOCIAL MEDIA EFFECTadvertisementIn today's world, our feeds shape our desires. Whether it's the latest gadget, trending restaurant, or must-have sneaker, social media platforms like Instagram, TikTok, and YouTube have become powerful drivers of aspirational spending.'Social media amplifies this challenge,' says Agrawal. 'It fuels impulsive purchases driven by FOMO and a desire to keep up, often at the cost of long-term planning.''There's a thin line between inspiration and pressure, and it blurs very easily,' Mathur says. "One scroll through your feed can plant the seed of a dozen new wants, each one just a click away from becoming a subscription or split payment."Every scroll can turn into a spend. Influencers showcasing luxurious lifestyles can create a desire to keep up, even if that means stretching the to that sneaky free trials and introductory discounts, many forget to cancel once the full charges kick in. Bank statements rarely spell it out clearly, so the money leak continues FINTECH PLATFORMS HELPING OR HURTING?Fintech apps have undoubtedly made financial services more accessible, but they sometimes make it too easy to spend.'Fintech platforms present a paradox,' says Agrawal. 'They empower users with budgeting tools and flexible payments, but their frictionless design can also promote impulsive behaviour.'Mathur adds that responsibility lies with both the platforms and users: 'Technology must serve the user—not the other way around. Fintechs have a responsibility to promote financial awareness, not just easy access to credit.'advertisementBREAKING THE SUBSCRIPTION CYCLESo, how can young adults avoid falling into this 'convenience trap'?Agrawal advises, "Focus on financial literacy. Review the subscriptions you've signed up for. Limit BNPL usage to genuine needs, and build a savings habit early."Mathur adds a practical approach, "Track your subscriptions and EMIs. You'll be surprised how many silent deductions are chipping away at your income. Even small spends, like a Rs 200 coffee, add up over time. Use credit responsibly and remember: credit today is a commitment tomorrow."He urges, "Talk about money. There's no shame in being financially conscious.'RETHINKING THE SUBSCRIPTION MINDSETLiving smart doesn't always mean signing up for more. Sometimes, less really is more—less stress, fewer deductions, and more clarity about where your money's going. The subscription lifestyle promises convenience, but it's essential to ask: Is it worth the cost?As the subscription economy grows, it's important to pause and ask: Are these services improving your life, or just draining your wallet quietly? It's time to rethink before you true financial success isn't about what you own today, it's about what you can afford tomorrow.- Ends
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.
Business Standard
24-06-2025
- Business
- Business Standard
Crafting Bharat - S2, powered by AWS Startups and an initiative by NewsReach, launches seventh episode with Anand Agrawal of Credgenics
VMPL New Delhi [India], June 24: India's robust GDP growth has firmly established it as the world's fastest-growing large economy. With breakthrough technological advancements, rapidly expanding infrastructure, and a vibrant startup ecosystem driving innovation, India is well on its way to achieving developed nation status and paving the way for transformative economic progress on a global scale. The "Crafting Bharat - Season 2" powered by AWS Startups, an initiative by NewsReach, in association with VCCircle, and production partner - HT Smartcast, explores how startups are harnessing the power of the cloud to accelerate growth, optimise operations, and building solutions that will define the India of Tomorrow. This series is hosted by Gautam Srinivasan, famed for hosting a diverse range of TV and digital programs, currently consulting editor at CNBC (India), CNN-News18, Forbes India, and The Economic Times. In this episode, we spotlight Anand Agrawal, Co-Founder and CPTO of Credgenics, who are offering a simplified digital approach to recovering dues. He shares insights about the lending industry, how they pivoted from litigation management to debt collection and how AWS helped them scale effectively and efficiently. In this series, explore inspiring startup stories that are shifting gears and sparking innovation across sectors, all contributing to India's transformation into a developed nation by 2047 in this captivating series. Episode link: Edited Excerpts: Segment 1: Ignite Take us through how solving specific customer pain points helped you grow the suite of services and eventually transformed you to a platform for all things debt recovery? Despite our lack of collections or lending experience, we thoroughly analyzed customer pain points and developed a technology solution by drawing analogies from other industries. Embracing an outsider's perspective, we transformed our litigation management tool into an integrated mobile application with a dialer system, streamlining workflows and data sharing. Instead of fragmented solutions, we combined multiple functionalities into one platform, enabling bank collections teams to work together seamlessly and efficiently. What gave you a first mover's advantage in solving collections problem? Our unique advantage was being the first to address collections using technology. Instead of managing portfolios as traditional agencies do, we built a scalable platform that empowers lenders to handle collections directly. Our solution accommodates lakhs of accounts and diverse lending products, offering a generic, adaptable product designed through deep insight into the industry's needs rather than one-off solutions for individual customers. What was the reason behind expanding into Indonesia so early in the game? What did your funders think about the move? We expanded into Indonesia in early 2023, capitalizing on a pandemic-induced need for tech-based debt management solutions. With minor product adjustments for currency, time zones, and language, we maintained our core functionality. Our steady three-year growth convinced investors, and after thorough internal discussions, we aligned on the strategy to test Indonesia's market with confidence. Segment 2: Launch How demanding did large customers get once they bought into your idea and how challenging was it for Credgenics to service their needs? We cater to enterprise clients, including large lenders and major banks. These institutions often demand highly customised solutions, as they are accustomed to working with leading IT service providers. Our inaugural product-- a legal notice solution--began as a 10-page document and evolved in 2-3 months into a low-code, drag-and-drop platform that triggers digital and physical notices. Our goal remains to deeply understand challenges and provide innovative, efficient, and cost-effective solutions. Sub-segment: Boost The Credgenics platform is built on AWS. Take us through the highlights of how AWS has enabled you to scale via AWS Managed Services and fuel your ambitious growth plans for 2025? We deployed our solution on AWS and rely on a KEDA-based Kubernetes architecture for event-driven autoscaling. As user-triggered events reach a 70-75% threshold, additional infrastructure is automatically provisioned. Our workflows run asynchronously--triggered by prior customer interactions rather than manual scheduling. AWS MSK and MQ efficiently manage these queues, ensuring smooth operations even during unpredictable scaling. Segment 3: Orbit What are the gaps remaining when it comes to debt recovery and collections especially for the next billion users in Tier 3 and 4 areas as trends such as BNPL or Credit EMIs reach underserved segments? The Viksit Bharat@2047 agenda is ambitious and hinges on boosting digital literacy, especially in Tier 3 and 4 markets. To serve the next billion users, it's essential to educate them on building and maintaining healthy credit scores. Financial institutions in the MSME and microfinance sectors are addressing these challenges by leveraging alternative data sources, communicating in multiple languages, and establishing local branches to gradually build credit profiles and enhance overall financial inclusion. Stay tuned to Crafting Bharat - Season 2 as we bring you these inspiring entrepreneurs for insightful and candid discussion with Gautam Srinivasan. As India stands at this pivotal moment, ready to accelerate on its growth path, it is essential to harness the unwavering dedication, belief in the nation's potential, and the energy of its youth. With strong leadership and a mission-driven approach, transforming India to shape a brighter role for itself on the global stage.
