CREDGENICS
Betting on disruptors in India’s BFSI sector: Insights from Beams Fintech Fund, Sagar Agarvwal
The Fintech and Financial Services sector has grown exponentially in the last few years, and yet much more is to be achieved. In India, the sector contributes nearly one-third of the GDP and $1.3 trn in market cap. Additionally, disruptive products by fintech companies, aided by innovation-friendly policies have made India one of the fastest-growing financial services market in the world. As a result, there are ample opportunities for investments in this space.
CARS24 Financial Services partners with Credgenics to streamline collections process
The company said that the objective behind the move is to "streamline the car ownership experience for customers by introducing innovative solutions powered by cutting-edge technology, ensuring a hassle-free journey."
Reliance ARC onboards Credgenics' debt recovery tech platform
Reliance Asset Reconstruction Company has adopted the debt recovery platform developed by Credgenics, which offers ARCs comprehensive digital and insights-driven capabilities for efficient debt resolution in the retail and SME sectors. It provides detailed insights into overdue cases, empowering ARCs to reconsider debt recovery approaches, and incorporates AI/ML models for assessing communication efficiency and adjusting outreach strategies.
ETtech Deals Digest: August startup funding down nearly 70%; bleakest month in over a year
As per Tracxn data reviewed by ET, monthly funding totals have never gone below $600 million, trailing at least as far back as March 2022 -- 17 months ago, until July and August this year.
Startups better than MBA for learning skills to start your own company, entrepreneurs say
Ahead of World Entrepreneurship Day on August 21, many founders noted that while an MBA programme provides valuable managerial skills, it is not a prerequisite for starting a new company.
Data Protection Act: A ‘mind-what-you ask-for’ moment for startups & other top tech stories
Perhaps what could turn out to be one of the most crucial acts for Digital India was undertaken by the Indian Parliament through the passage of the Digital Personal Data Protection Bill, 2023 earlier this week. While the law will impact every entity in this country that deals in the personal data of Indian citizens, tech companies and consumer facing startups are perhaps going to be impacted the most.
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Nykaa Q1 profit up 8%, revenue jumps 24%; Backing Rahul Yadav's 4B Networks a mistake: Info Edge
Online fashion retailer Nykaa’s parent firm posted a 8% jump in net profit to Rs 5.4 crore for the April-June quarter, while operating revenue rose 24% to Rs 1,422 crore. This and more in today’s ETtech Top 5.
ETtech Deals Digest: Early stage deals only respite in funding starved week for startups
As many as 10 out of the 12 fundraises in technology startups in the first full week of August were seed-stage deals, with cheque sizes ranging from $150,000 to $1.7 million, among the ones disclosed.
Exclusive: New law on digital competition likely to regulate Big Tech; IT Minister Ashwini Vaishnaw on Data Protection Bill
Happy Thursday! The government is planning a separate digital competition law instead of tweaking the existing Competition Act to regulate Big Tech companies. This exclusive story and more in today’s ETtech Morning Dispatch.
Debt collections platform Credgenics secures $50 million in funding from Westbridge, Accel, others
The company plans to use the money to expand operations outside India and go deeper into the BFSI segment in terms of product offerings.
EazyDiner raises Rs 40 crore in funding from DMI’s Sparkle Fund
The startup, present in India and United Arab Emirates, will utilise the capital to expand its business to 100 cities from 30 currently and for product development, founder Kapil Chopra told ET.
Bank rout: Tech is collecting loans in India as global crisis looms
All kinds of bank and nonbank lenders are heaping credit on household balance sheets even though the consumer economy is fragile: A tiny minority that can afford luxury goods is in great financial shape, but low-income earners, especially outside large cities, are struggling with two-wheeler purchases and smartphone upgrades. Lenders know they have to make the most of this uneven K-shaped recovery, especially if the current crisis in US banking snowballs into something sinister.
M&M Finance partners with Credgenics for retail loan collections
Furthermore, Credgenics platform, which provides SaaS (Software As A Service) based collections and debt resolution technology, will help the company in streamlining and digitizing borrower communications including litigation modules across the loan portfolio.
Incuspaze plans to expand across smaller cities
The firm plans to open two more centres in Kochi and one in Trivandrum, with a total capacity of 1000-seater and will cover approximately 50,000 sq ft. Similarly, Ahmedabad and Jaipur will soon see a new Incuspaze Centre with a 1000 seat capacity covering 40,000 sq ft.
Zomato's earnings report, Stellaris' second India fund
Zomato's loss widened to Rs 360 crore in the April-June quarter on the back of revenue that increased 22% to Rs 844 crore. Stellaris Venture Partners has raised $225 million for its second India-dedicated fund.
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