Recovery of debts is one of the murkiest experiences for any litigant in India. After decades of innovation in other areas (both private and public), the state of debt recovery and collection has not improved.
In this episode, we cover Credgenics, a legal tech company that is changing that at scale.
Credgenics is a SaaS-based debt resolution platform currently helping resolve a collective of over 2,000 crores (with a capacity to handle over 2 crore loans each month).
Their comprehensive end-to-end platform automates collections and recovery processes which have been re-engineered and organized to ensure the smoothest path to a resolution. It brings stakeholders together on a shared, centralized platform, and equips them with tools and workflows to resolve disputes in the most efficient, cordial, and inexpensive way.
This is especially useful in large enterprises, where the entire process is often broken down in-silos as different teams participate as per their own objectives and processes.
In this conversation, we learn all about Credgenics from their Chief Operating Officer (COO), Mayank Khera.
Recent $25 million funding
On August 10, Credgenics received $25 million dollars funding from Westbridge Capital, Tanglin Venture Partners, and Accel Partners.
How did Credgenics start?
Credgenics started in 2018 and its vision was to automate legal processes. It started with a team of dispute resolution professionals with no platform and after seeing the feedback from their market they developed their today’s SaaS technology platform.
How does legal process automation work?
The problem that Credgenics solves is the synchronization between the teams in a company. The separation of teams made it difficult to communicate and be coordinated so the platform eases that part of the work.
Credgenics’ 5 modules
The first module is a cloud telephony module that helps the teams of financial institutions to directly communicate with their customers, without having to physically meet.
The second and the third module are a combination of automation in communications with regards to clients. These modules regulate the flow of communication between the parties, whether it is written or verbal.
Parties can either customize the communication templates that are offered or create their own templates.
Customizing the templates
The clients provide Credgenics with the data and their input, and based on the client’s assistance Credgenics team are able to customize the template for them.
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