Credgenics, an India-based debt resolution platform, has raised $25m through its Series A funding round that was led by Westbridge Capital and Tanglin Venture Partners.
With this round, its valuation has grown 5.5 times to $100m in six months.
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The funding round was co-led by existing investor Accel Partners.
Credgenics plans to use the funds to expand its presence into new demographics, bolster its R&D activities, scale up its core operations across India, and enhance client services.
Credgenics co-founder and CEO Rishabh Goel said: “The funds of the new financing round will get utilised to find experienced professionals across all levels and build a world-class leadership team. We will further upgrade the core offerings, enhance product developments, and boost the R&D.
“The roadmap also includes international expansion beyond the Indian demographics. This includes a thorough R&D on the judiciary and fiscal measures prevalent there and then remedy their bad debts situation.”
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By GlobalDataGoel said that the digital lending market in India is expected to cross the $100bn mark by the end of next year.
Currently, the credit demand of over $600bn is being met through informal channels, he further added.
Credgenics manages over Rs15.8bn ($210m) of debt on its financial platform.
The funding round also saw participation from investors such as BharatPe founder and CEO Ashneer Grover; Hero Fincorp Group managing director and CEO Abhimanyu Munjal; Force Ventures founder Karthik Bhat.
Credgenics was set up in 2018 by Rishabh Goel, Anand Agrawal, and Mayank Khera.
Last year, the firm raised $3.5m from Accel Partners, DMI Alternatives fund, existing investors Titan Capital.
