Debt recovery and legal automation platform Credgenics recorded 177% increase in revenue rising to Rs 90.25 crore in FY23 compared to Rs 32.54 crore in FY22.
Founded in 2018 by Rishabh Goel, Anand Agrawal, and Mayank Khera, Credgenics provides loan collection and debt resolution technology solutions to banks, non-banking financial companies, asset reconstruction companies, and digital lending firms worldwide.
The Noida-based fintech has raised a total of Rs 627.43 crore in funding over 4 rounds, with the latest series B round in August 2023 led by Accel and WestBridge Capital. Credgenics currently stands at a valuation of over Rs 2,800 crore.
Competing with platforms like CreditMate and Creditas Solutions, the majority shares of Credgenics are held by Accel and Rishabh Goel, each holding around 19% of the company. WestBridge and Anand Agarwal also own significant shares, with each holding over 15% stake in the company.
Along with revenue, the expenses of the company also surged, rising to Rs 102.87 crore in FY23 from around Rs 40 crore in FY22. Employee benefits accounted for most of the contribution to the expenses at above 30%. Legal and professional charges also made up more than 15% of total expenses. Followed by advertisements and travelling costs.
Despite the rise in revenue the losses for the company expanded by 52% in FY23 rising to a loss of Rs 12.62 crore from the loss of over Rs 5 crore in FY22.
While the company’s EBITDA margin improved, it remained negative at -11.75%, with ROCE also staying negative at -6.79%.