Private Equity Fund Investments
Debt resolution platform Credgenics raises $25-M from Westbridge, Tanglin, Accel, others
New Delhi-based Credgenics, a debt resolution, and legal automation platform, has raised USD 25 million (about INR 186 crore) from Westbridge Capital, Tanglin Venture Partners and Accel Partners. The series A round also saw the participation of investors like Ashneer Grover (BharatPe founder), Abhimanyu Munjal (Hero Fincorp Group MD and CEO), Karthik Bhat (Force Ventures founder), Kushal and Gautam (Fareye founders). The funds will be used to strengthen R&D, scale core operations across India, improve client services, and streamline the workflow. Credgenics manages over INR 1,580 crore of debt on its financial platform and helps its clients by improving the resolution rates. It has over 150 employees, including more than 70 engineers. The platform also collaborates with more than 2,200 legal counsels across India for late-stage delinquencies.
From the Venture Intelligence PE-VC Deal Database: In Oct-20, Credgenics had raised about $3.5 M seed round from Accel Partners, DMI Group and others. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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