Debt collections software-as-a-service (SaaS) provider Credgenics has successfully secured $50 million in its Series B funding round, led by prominent investors including Westbridge Capital, Accel, Tanglin Ventures, Beams Fintech Fund, and other strategic backers.

In an interview with CNBC-TV18, Rishabh Goel, the Co-Founder and CEO of Credgenics, elaborated on the company's plans for the newly acquired funds. Goel outlined that the capital infusion will be directed towards product innovation, global expansion, and penetration into diverse segments within the BFSI (Banking, Financial Services, and Insurance) industry.

"There are two, three major things we are trying to solve for through this funding. One is global expansion- we would like to expand our offerings and setup a full infrastructure in Singapore, Indonesia and Vietnam. Secondly we want to capture other segments like premium collections for insurance companies as that is a big area where renewals happen manually through call centres etc. We are also looking for some strategic mergers and acquisitions (M&As) in adjacent product avenues which are selling in the BFSI ecosystem. So these are couple of major areas where we are trying to focus on," Goel said.

Credgenics manages 11 million retail loan accounts and had a cumulative loan portfolio of $60 billion during the fiscal year 2023. The company also achieved operational profitability while recording revenues of Rs 100 crore within the same fiscal period. Goel expressed optimism regarding the company's future prospects, aiming to double its revenue to Rs 200 crore in the ongoing fiscal year (FY24).

Additionally, Vegapay, a fintech startup specialising in digital lending and card management solutions, has secured $1.1 million in a pre-seed funding round. This financing was led by Eximius Ventures, with participation from DSP HMK, Capri Global, Upsparks Capital, MGA Ventures, and other investors.

Gaurav Mittal, Co-Founder and CEO of Vegapay, shared insights into the company's financial plans, revealing that the raised funds will be channeled into product development and rigorous compliance checks.

Established by experienced fintech professionals and veterans from the banking industry in October 2022, Vegapay aims to eliminate technical obstacles that hinder the provision of lending programs by financial institutions and fintech enterprises.

Meanwhile, Rocketship.vc, headquartered in Silicon Valley, has displayed strong enthusiasm for India, dedicating nearly one-third of its total investment allocation to the country. The venture capital firm has extended its support to 20 Indian startups across various funding rounds, spanning from early-stage to Series A and Series B.

Madhu Shalini Iyer, Managing Partner at Rocketship.vc, highlighted the robust emergence of sectors such as fintech, B2B SaaS, and Deeptech within India, underlining their attractiveness for investment.

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