Startup Deep Dive : Credgenics — the loan moratorium that nearly killed it made it grow

In FY25, Credgenics’s revenue crossed ₹220 crore ($22.9 million), on a business built on the unglamorous job of chasing loan repayments for banks and NBFCs, as per the company’s own June 2025 statement. Yet the run that got it there began with an event that briefly looked like it would end the company: the Reserve Bank of India’s 2020 loan moratorium, which froze the very collections activity its platform was built to automate.

Five years later, Credgenics says it manages recovery on 98 million retail loan accounts worth $250 billion for more than 150 financial institutions, and counts ICICI Bank and IDFC First Bank among its clients. It has raised roughly $79.1 million from Accel, WestBridge Capital and others, reached a reported $340 million valuation in 2023, and turned a profit two years running — a rare thing among Indian SaaS startups its age. This is the story of how a compliance-first debt-collection platform ended up growing fastest during the one period when collections were legally frozen.

Quick facts

What they do

Credgenics sells software to the people whose job is to get borrowers to pay back loans. Its clients are banks, non-banking financial companies, housing finance companies, fintech lenders and asset reconstruction companies who need to chase repayment across the entire lifecycle of a loan — from a friendly reminder a few days before an instalment is due, to automated calls and messages once it is overdue, all the way to a legal notice and a court filing if the borrower simply stops responding. Rather than leaving each stage to call-centre agents and outside recovery agencies working off spreadsheets, Credgenics puts data analytics, AI-based prioritisation, multi-channel outreach and legal-workflow automation into one platform that a lender’s collections team runs directly.

The origin

Rishabh Goel spent his pre-founder years on the other side of the finance industry, at Deutsche Bank and then at BlackRock, watching non-performing loans pile up on lenders’ books while the process meant to bring that money back had barely changed in decades. Collections, he concluded, were still run the way they had been for years: paper files, manual call sheets and recovery agents with little data to tell them which borrower to call first or what to say. He spent close to two years studying how technology could be applied to debt resolution before turning the idea into a company in 2018, in Noida, alongside Anand Agrawal, an IIT Delhi-trained computer scientist who had led data science work at 1mg and Urban Company, and Mayank Khera, a practising advocate and certified mediator with a fellowship at the World Mediation Organization in Berlin. The pairing was deliberate: a finance-risk background, a data-science background and a legal-process background, aimed squarely at a problem that touches all three.

The struggle years

The idea predated the customer. Credgenics was incorporated in 2018 but did not sign its first paying client until 2019, a gap that meant more than a year of building a product for a market that had not yet agreed to buy it. Selling into banks and NBFCs is itself slow: collections is a sensitive, tightly watched function, and convincing a compliance-conscious lender to hand a software startup control over borrower communication and legal notices took time the founders did not have much cushion for. Early institutional backing came from Titan Capital, which led a seed round in November 2019, then returned with an extended seed round in October 2020 alongside nineteen other investors — two rounds close enough together to suggest the company needed the runway. Then came a shock that had nothing to do with sales execution: in March 2020, the Reserve Bank of India ordered a nationwide loan repayment moratorium as part of its COVID-19 response, legally suspending the collections activity Credgenics existed to run. Goel has said the founders expected to “lie low for a few months,” bracing for a platform with nothing left to do.

The turning point

What actually happened ran the opposite way. The moratorium did not eliminate the debt; it deferred it, and it trained millions of borrowers to treat repayment as optional. When the freeze lifted, lenders faced a backlog of overdue accounts far larger and far harder to resolve than anything in their pre-pandemic collections queues, at the exact moment call-centre staff and field agents could not work normally because of lockdowns. Credgenics’s pitch — run collections remotely, digitally and at scale — went from a hard sell to an obvious one almost overnight. Goel later described the shift plainly: “with collection becoming challenging in the moratorium and post-moratorium phase, we started getting more clients.” The company has said it grew 80–100% month-on-month through the following three years, a pace that took it from an unproven seed-stage startup to a business large enough to raise a $50 million Series B in August 2023 at a reported $340 million valuation — a 3.4x jump from its Series A valuation of roughly $100 million in mid-2021.

The money behind it

• Seed, November 2019: led by Titan Capital (amount undisclosed) — the first institutional money, before Credgenics had proven demand at scale.
• Extended seed, October 2020: Titan Capital returned alongside 19 other investors (amount undisclosed), landing just as the post-moratorium collections crunch began driving client demand.
• Series A, July 2021: valued the company at a reported $100 million, cited by the company as the base against which its Series B valuation jump is measured.
• Series B, August 2023: $50 million led by existing backers Accel and WestBridge Capital, with participation from Tanglin Venture Partners and Beams Fintech Fund, at a reported $340 million valuation — described in the company’s own announcement as its largest round to date.
• Total raised: approximately $79.1 million across four rounds and 51 investors, per Tracxn’s funding tracker; Accel and Titan Capital were both early backers before the Series B made Accel and WestBridge co-leads.

What each backer changed: Titan Capital’s early, repeated seed backing (2019 and 2020) kept the company funded through the pre-product-market-fit period and the moratorium shock. Accel and WestBridge, as the Series B co-leads, backed the company after it had already turned operationally profitable and shown 7x revenue growth since its Series A — a bet on scaling an already-working model rather than a bet on an unproven one.

How it makes money

Credgenics sells its platform under two commercial models, and the mix between them is central to how its margins work.

• Software-only license: a lender pays a lump-sum SaaS fee for platform access and runs its own in-house collections and legal teams on top of it.
• Software plus services: a success-based model in which Credgenics charges a percentage of the loan amount it actually helps recover, aligning its revenue directly with collections outcomes rather than seat licenses.

On the cost side, the platform model is aided by scale: once the AI-based borrower-prioritisation and multi-channel communication engine is built, each additional lender or loan account added costs relatively little to serve, which is the standard SaaS margin story. The services layer costs more to run, since success-based recovery work leans on Credgenics’s own legal capacity — the company has said it employs more than eight in-house lawyers who coordinate with a network of over 2,200 external lawyers to handle notices, filings and court appearances across India’s fragmented state-level legal systems. The part outsiders tend to get wrong is treating Credgenics as a recovery agency; the company positions itself instead as a compliance layer that standardises how a bank’s own staff and empanelled agents communicate with borrowers, which is also its answer to the reputational risk that comes with aggressive, unregulated collection tactics elsewhere in the industry. The company states this shows up as a 20% improvement in resolution rates and a 40% reduction in collection costs for clients, though these are Credgenics’s own figures rather than independently audited outcomes.

The numbers

Revenue and profit/loss figures below are for Analog Legalhub Private Limited, Credgenics’s parent entity, as reported in regulatory filings analysed by Thekredible and YourStory for FY22–FY24; FY25 figures are company-stated and were not independently sourced from a filed annual return at the time of writing.

• FY23 revenue: ₹90.25 crore per MCA filings analysed by Thekredible and YourStory, up 177% over FY22’s ₹32.54 crore; the company’s own Series B announcement rounded this figure to about ₹100 crore for FY23 — both figures are given here since they come from different sources and neither has been retracted.
• FY24 revenue: ₹155.58 crore, up 72.4% year-on-year, with the company swinging to a ₹8.38 crore net profit from a ₹12.62 crore loss in FY23 (YourStory, October 2024, citing Analog Legalhub’s filings).
• FY25 revenue: ₹220 crore, up 40% year-on-year, with ₹25 crore profit before tax (Credgenics company statement, June 2025).

Where the money comes from

Credgenics’s client base splits by lender type and, more recently, by geography.

• Banks: seven banks including ICICI Bank, Axis Bank and HDFC Bank were among its clients as of the company’s Series B disclosures, alongside IDFC First Bank named separately in company materials.
• NBFCs and other lenders: more than 40 non-banking financial companies, plus housing finance companies, fintech lenders and asset reconstruction companies, made up the rest of a client base the company put at 50-plus lenders around the Series B in 2023.
• Scale by 2025: the company says it now serves 150-plus financial institutions, managing 98 million retail loan accounts worth $250 billion and facilitating 1.7 billion omnichannel communications (Credgenics, June 2025).
• Geography — the surprise: despite being built entirely around India’s lending and legal system, Credgenics has already entered Indonesia and, as of its June 2025 statement, is targeting further expansion into South East Asia and the Middle East — markets that share India’s mix of fast-growing retail lending and under-digitised collections infrastructure.

The risks

• Regulatory and reputational exposure tied to collection conduct: the Reserve Bank of India’s fair-practice rules for lenders and their recovery agents mean any perception that a platform enables aggressive or non-compliant collection tactics carries direct regulatory risk for both Credgenics and its bank and NBFC clients, even though the company’s stated model is built around standardising and softening those interactions rather than intensifying them.
• Dependence on an overloaded legal system: Credgenics’s legal-automation and dispute-resolution tools are built to speed up notices and filings, but the actual resolution of a case still runs through India’s civil courts and tribunals, where delays are structural and outside the company’s control; its 2,200-plus external lawyer network reduces friction but cannot fix court backlogs.
• Borrower-reach and evidentiary challenges: reaching and legally notifying borrowers across a country with 18 official languages is operationally hard, and the company has flagged borrowers denying receipt of legal notices as a recurring problem — a gap that, if it widens, undercuts the legal-workflow value proposition the platform is sold on.

The takeaway

Credgenics’s clearest lesson is not about debt collection specifically; it is about what a crisis does to a company selling a hard-to-sell product. A regulatory shock that froze its entire addressable activity for months could easily have been fatal to a two-year-old startup running on seed money. Instead, because the underlying problem it was built for — large numbers of overdue loans that traditional processes could not resolve fast enough — only got worse once the freeze lifted, the same event that nearly stopped the business became the reason banks stopped hesitating and started buying. The broader pattern holds beyond fintech: a company built around a structurally necessary function can survive a period where demand for it is switched off by law or circumstance, provided the underlying need does not go away with it.

Frequently asked questions

What does Credgenics do?

Credgenics is an AI-driven SaaS platform that helps banks, NBFCs and other lenders manage loan collections and debt recovery, from early reminders through multi-channel outreach to automated legal workflows for accounts that go to court.

Who founded Credgenics and when?

Credgenics was founded in 2018 in Noida by Rishabh Goel (CEO), Anand Agrawal (Co-founder & CPTO), Mayank Khera (Co-founder & COO) and Shubham Goel, combining backgrounds in banking risk, data science and legal mediation.

How much funding has Credgenics raised and who are its investors?

Credgenics has raised approximately $79.1 million across four rounds, per Tracxn, from investors including Titan Capital, Accel, WestBridge Capital, Tanglin Venture Partners and Beams Fintech Fund. Its $50 million Series B in August 2023 valued the company at a reported $340 million.

Is Credgenics profitable?

Its parent entity, Analog Legalhub, reported a net loss of ₹12.62 crore in FY23, swung to a ₹8.38 crore net profit in FY24, and the company has stated a ₹25 crore profit before tax on ₹220 crore revenue in FY25 — though the FY25 figures are company-reported rather than independently verified filings.

Is Credgenics planning an IPO or listed on any exchange?

No. Credgenics remains a privately held company; no IPO plans have been reported as of September 2026.

Sources

Figures are as of September 2026. Currency converted at $1 ≈ ₹96.0 as of 18 September 2026 (Trading Economics).

• Bloomberg, “India Fintech Startup Triples Valuation After Accel-Led Funding,” August 2023
• Credgenics (company website), “Credgenics raises $50 Mn Funding in Series B,” August 2023
• Credgenics (company website), “Credgenics clocks 40% growth with INR 220 Cr revenue in FY2024-25,” June 2025
• YourStory, “Credgenics parent posts Rs 8.38 Cr profit in FY24, 72% revenue surge,” October 2024
• Thekredible, “Credgenics records 177% rise in revenue in FY23, losses expand by 52%,” accessed September 2026
• Tracxn, Credgenics funding and investors profile, accessed September 2026
• StartupTalky, “Credgenics Startup Story: SaaS-enabled Debt recovery platform,” accessed September 2026
• Forbes, Credgenics company profile, accessed September 2026
• Skand Group, “The Collections Gamechanger: Credgenics and India’s Digital Debt Recovery Revolution,” accessed September 2026

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