Debt collections platform Credgenics makes an acquisition of Arrise, a move that strengthens its SaaS-based operations.
In a significant move to transform the debt collections sector, Credgenics, a leading fintech-focused SaaS platform, has announced the acquisition of a majority stake in Arrise, a debt collection firm with a pan-India presence.
Arrise, founded by Avadhut Thali and Kunal Sawhney, operates across more than 25 states and reaches over 18,000 pincodes. The company offers multilingual calling services, on-ground collections, voice bots, repayment management systems, and consulting on collections and legal workflows.
The acquisition, carried out under Credgenics' new initiative CG Setu, aims to disrupt the field collections model with an efficient, data-driven, and compliant approach. This strategy seeks to deliver greater efficiency and complete transparency for lenders, while providing a superior experience for borrowers.
Rishabh Goel, cofounder and CEO of Credgenics, stated that the acquisition marks a significant step forward in Credgenics' mission to transform debt collections with technology. The acquisition is part of Credgenics' strategy to expand into field collections.
Credgenics' platform tracks millions of loan accounts for over 150 financial institutions, including ICICI Bank, HDFC Bank, Mahindra Finance, and IIFL Finance. The company reported a revenue increase from Rs 155.6 crore in the previous year to Rs 220 crore, with a net profit increase from Rs 8.39 crore to an impressive Rs 33.39 crore.
Under the terms of the cash-and-stock deal, Arrise was sold for 22 million US dollars. Arrise will continue to operate under its existing leadership for at least five years. Most of the cash component from the acquisition will be used by Arrise as primary growth capital.
The combined entity, after the acquisition, is targeting annual revenues of Rs 850 crore within the next three years. CG Setu will integrate Arrise's pan-India operations into Credgenics' technology platform, positioning the combined entity as a formidable player in the debt collections sector.
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