Analog Legalhub Tech Solutions Pvt Ltd, which operates bad loans recovery-focussed platform Credgenics, has raised Rs 24.8 crore ($3.3 million) in a funding round.
Accel led the round, YourStory reported. Going by an earlier report of Inc42, the Delhi-based financial-technology firm has raised this capital from other investors as well.
These include Titan Capital, a venture firm set up by Snapdeal co-founders Kunal Bahl and Rohit Bansal.
Other participants in the round include DMI Alternatives Fund, QED Innovation Labs, Breadlake Ventures, Blue Wolf Capital Ltd, Inc42 reported, citing regulatory filings.
Angel investors including former SAP Labs India managing director Dilip Khandelwal, Rupeek’s Sumit Maniyar, Livspace founder Ramakant Sharma and 1mg co-founder Gaurav Agarwal also participated in the round.
According to its website, Credgenics, which operates a software-as-a-service model, was set up by Anand Agarwal, Rishabh Goel, and Mayank Khera. The company says its mission is to reduce the growing problem of non-performing assets in the Indian economy by using technology and data-driven analytics to improve the efficiency of recovery collections.
It provides both online and offline services to lending-based startups and non-banking financial companies (NBFCs). Some of these services include customised collection strategies, data analytics for estimating recovery chances, and automated communications.
VCCircle has reached out to the company on the details of this fundraise and will update this report accordingly.
Per Inc42, Credgenics will issue equity shares at a face value of Rs 10 with a premium of Rs 64,591. It is also issuing seed-series compulsorily convertible preference shares with a face value of Rs 100 and a premium of Rs 64,501.
According to VCCEdge, the data research arm of Mosaic Digital, Credgenics’ parent company raised funding in June this year from investors including Titan Capital, and angel investors including Equirus Capital MD Ajay Garg and Kwench co-founders Mitesh Damania and Sunder Nookala.
Credgenics says it has worked with LoanTap, Kotak Mahindra Bank, Axis Bank, Shubh Loans, Udaan, and CreditWise Capital, among others.