Latest news with #RishabhGoel
Entrepreneur
a day ago
- 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
2 days ago
- 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.
Time of India
2 days ago
- Business
- Time of India
Debt collection platform Credgenics' profit triples to Rs 25 crore in FY25; revenue up 40%
Synopsis Credgenics witnessed a significant surge in net profit, reaching Rs 25 crore in FY25, driven by increased demand for efficient debt recovery solutions. Total revenue climbed to Rs 220 crore as lenders sought to manage stress on unsecured loans. CEO Rishabh Goel said the company has reduced the share of unsecured personal loan accounts in its collections portfolio.
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.
Yahoo
05-02-2025
- Business
- Yahoo
Aye Finance partners with Credgenics for digital transformation in debt collection
The engagement will leverage advanced digital capabilities across the collections lifecycle to make the processes future-ready NEW DELHI, Feb. 5, 2025 /PRNewswire/ -- Aye Finance, one of the leading NBFCs providing business loans to the largely underserved micro-scale enterprises in India has joined hands with Credgenics, an AI-powered platform for debt collections and resolutions. This engagement will digitally transform Aye Finance's debt collections and resolution processes by deploying Credgenics' advanced technology platform. Aye Finance has been at the forefront of providing affordable credit to the small business community that has broadly remained out of the formal credit ecosystem, by following a credit assessment approach and extensive use of technology across lending processes. Credgenics SaaS based platform at Aye Finance will enable an integrated, personalized and insights-driven communications strategy with borrowers across various channels. These advanced capabilities will further enhance operational effectiveness through the deployment of tailored collections strategies. The CG Collect field app will not only empower the field collectors to manage their day-to-day activities more efficiently but also will enable borrowers to make instant digital repayments. Bilzy Payments solution will enable the Aye Finance team to generate personalized payment links that can be embedded in customer communications to facilitate secure digital transactions. Credgenics Litigation Management System will help the legal collections team at Aye Finance to monitor, action and report on legal proceedings, ensuring complete visibility into the status and performance. With Credgenics Settlement Portfolio Management solution, Aye Finance would be able to streamline their end-to-end debt settlement process. Commenting on the partnership, Jinu Joseph, Chief Technology Officer, Aye Finance stated, "We at Aye Finance are committed to using innovative practices and high-tech digital capabilities to provide customer-centric financial services in an efficient, cost-effective and scalable manner. We believe that our partnership with Credgenics will help us further this strategy and make our debt recovery processes more data-oriented, insightful and efficient. We believe that the technology partnership with Credgenics will help our field teams optimize and enhance their engagement with our customers by utilizing their integrated, multi-channel digital capabilities." Rishabh Goel, Co-Founder and CEO of Credgenics, added, "Aye Finance has firmly established itself as a leading micro-business lender to businesses that have traditionally remained outside the reach of formal credit. Their focus on using technology-backed innovation in credit underwriting and collections to make micro-business loans affordable and viable is highly appreciated across the industry. Our solutions will enable Aye Finance to manage recoveries with unprecedented efficiency, and agility. We believe that this collaboration will set new benchmarks in the industry while transforming debt recovery practices for the digital world." Credgenics' technology combined with Aye Finance's commitment to supporting small businesses, is set to further transform the MSME lending landscape, driving sustainable growth and encouraging financial inclusivity. About Credgenics Credgenics is the leading provider of Loan Collections and Debt Resolution technology platforms to Banks, Non-banking finance companies, FinTechs, and ARCs worldwide. The AI-powered SaaS-based platform has been recognized as the #1 Best Selling Loan Collections Platform in India by IBS Intelligence in their Annual Sales League Table for three years consecutively. Credgenics caters to the end-to-end collection lifecycle for retail and SME / MSME debt and works with over 150 customers. It handled more than 98 million retail loan accounts worth over USD 250 Billion in FY24 for collections and has sent over 1 billion omnichannel communications. With Credgenics, lenders have increased resolution rates by 20%, improved collections by 25%, reduced collections costs by 40%, reduced collections time by 30%, and improved legal process efficiencies by 60%. About Aye Finance Aye Finance Limited (formerly known as Aye Finance Private Limited) is a non-banking financial company focused on providing loans to micro-scale MSMEs across India for their working capital and business expansion needs. Aye offers small-ticket business loans to customers across manufacturing, trading, service and allied agriculture sectors. Our product offerings comprise mortgage loans, 'Saral' Property Loans, secured hypothecation loans and unsecured hypothecation loans. Aye Finance is headquartered in Gurgaon and has a branch presence in 18 states & 3 UTs through over 499 offices. The company which is a decade old, has partnered with marquee investors which includes CapitalG, British International Investment, ABC Impact, Elevation Capital, Lightrock, Alpha Wave, A91 Partners and MAJ Invest. Photo: View original content to download multimedia:
