Credgenics launches CG Collect App to help lenders and collection agents

This loan recovery application includes features like tracking on-field collections of loans in real-time, in-app calling, e-receipts for deposits, access to legal notices, recovery dashboards, and more.

Credgenics, India’s first-of-its-kind SaaS-based end-to-end debt resolution and legal automation platform, is excited to announce the launch of CG Collect – a mobile application to help the lenders/managers track the collections agents, monitor their activities, and evaluate their performance. Alongside this, it helps the agents navigate to the borrowers’ location with ease, schedule visits with a couple of clicks, showcase legal notices to the borrowers, and access e-receipts for proof of payments, among other benefits. This Feet-On-Street (FOS) loan recovery application can significantly improve the productivity of collection agents. The app is now available on Google Play Store, and will soon be live on Apple App Store as well.  

The mobile app closely integrates with the Credgenics web platform and allows features like navigation to the applicant provided address, the direct calling of borrowers, geo-tracking of the agent’s live location, logging collection details (like recovered amount, collection mode, and status for successful and failed recoveries), collection and visit proof, single & multiple loan deposit to the lender’s bank/company branch, and collection receipt’s integration with the communication channels like Email,  SMS, WhatsApp, etc. 

Commenting on the launch, Anand Agrawal, Co-Founder & CTO, Credgenics, said, “We are really excited to introduce loan recovery FOS application for the collection agents and the managers. Through this CG Platform, managers can benefit from hassle-free loan allocation, easy tracking of agents and cases allocated to them and the corresponding collection cycles. Besides this, collection agents could easily manage and plan the loans in their portfolios. They can check for important parameters against those loans like DPD values, legal notice copies, agents’ distance from the borrowers, and their allocation month. This helps them easily create, track and execute their pending tasks”  

He further added, “This application has been carefully designed to renew our promise to digitally transform the collection activities and make it more cost and time-efficient. In the areas where the traditional means of collections through agents is prevalent, CG COLLECT will help the agents and the managers use a simple technology to do their work more efficiently. Remaining true to our aim, we would try to bring more offerings in the course of our journey to promote the cause of good assets and digital transformation.” 

Credgenics manages over INR 1,500 crores of debt on its financial platform and helps their clients by significantly improving the resolution rates by up to 20% and up to 20-days reduction in the resolution time. The team comprises of 150+ members, with a strong 70+ member tech and product team. Credgenics also has 2200+ legal counsels empanelled pan-India for arbitration and legal steps in late-stage delinquencies. To facilitate the debt recoveries and thereby remedy the steep rise in the NPA, the company works with 7 leading private banks like ICICI Bank, IDFC First, Axis Bank and Kotak Bank, besides 40+ marquee NBFCs like IIFL Finance, Loantap, DMI Finance, Clix Capital, Udaan, Moneytap, Moneyview, among others. 

Recently, Credgenics received US$25 Million in Series-A round and multiplied its valuation by 5.5 times to $100 million. The round was led by reputed investors Westbridge Capital, Tanglin Venture Partners, and Accel Partners, along with the participation of other marquee investors.  

About Credgenics: Founded in 2018 by IIT Delhi Alumni, Rishabh Goel and Anand Agrawal, and advocate Mayank Khera, Credgenics is a SaaS-based collections and legal automation platform aiming to solve India’s $200 billion+ bad debt problem. Credgenics works with major private sector banks, such as ICICI Bank, IDFC First, Axis Bank, and Yes Bank, besides 40+ NBFCs like Loantap, DMI Finance, Clix Capital, Udaan, Moneytap, Moneyview, etc. Credgenics currently works with 2200+ empanelled lawyers and collection partners.  The organization aims to ultimately foster financial inclusion in India through the expeditious resolution of unprecedented volumes of stressed assets in larger finance/fintech space.