Jaipurs Startup Oasis Invests Rs 1.7 Crore in 6 Social Startups

Innovative debt resolution platform, Credgenics has raised an undisclosed amount in its seed
round led by Titan Capital with participation from other investors like Rajesh Razdan, Founder
and CEO of mCarbon, Ajay Garg, MD of Equirus Capital and Mitesh Damania and Sundar
Nookala, Co-founders of Kwench.

The firm has decided to use the raised funds to upscale its operations in metropolitans of the
country, streamline and strengthen its Research and Development for the product evolution
and to expand its presence and acquire new clients. They are presently working with 2200
lawyers and collection partners.

Credgenics was co-founded by IIT-Delhi Alumni and prominent lawyers Rishabh Goel, Anand
Agarwal and Mayank Khera in 2018. The startup supports banks, NBFCs and others in
industry with resolution of non-performing assets (NPAs). It uses tech support to reduce
manpower used for legal and collection processes and combines the strengths of AI with
Data Science. It is India’s first tech-enabled platform for resolution of NPAs in the larger BFSI
and fintech lending space.

“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 focusing 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),” said Rishabh Goel

Rajesh Razdan of mCarbon has invested in multiple successful companies in past and he
finds Credgenics very promising. ”The digitisation doesn’t come usually native to the legal
industry, and the team at Credgenics is a real honest attempt at solving that at scale by
blending smart tech and legal processes. Out of the several use cases of tech enabling for
the legal procedural workload, the handling of NPA for the BFSI segment using analytics and
intelligent process automation is truly innovative, commendable, and am sure it will save a
huge workload and costs for the BFSI sector in particular,” he said.


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