Page 21 - Banking Finance November 2021

PRESS RELEASE

Credgenics launches CG Collect App to help lenders and collection

agents

Credgenics, India's first-of-its-kind SaaS-based end-to-end values, legal notice copies, agents' distance from the
debt resolution and legal automation platform, is excited borrowers, and their allocation month. This helps them
to announce the launch of CG Collect - a mobile application easily create, track and execute their pending tasks"
to help the lenders/managers track the collections agents,
He further added, "This application has been carefully
monitor their activities, and evaluate their performance. designed to renew our promise to digitally transform the
Alongside this, it helps the agents navigate to the collection activities and make it more cost and time
borrowers' location with ease, schedule visits with a couple efficient. The areas where the traditional means of
of clicks, showcase legal notices to the borrowers, and collections through agents is prevalent, CG COLLECT will
access e-receipts for proof of payments, among other help the agents and the managers use a simple technology
benefits. This Feet-On-Street (FOS) loan recovery to do their work more efficiently. Remaining true to our
application can significantly improve the productivity of aim, we would try to bring more offerings in the course of
collection agents. The app is now available on Google Play our journey to promote the cause of good assets and digital
Store, and will soon be live on Apple App Store as well. transformation."
The mobile app closely integrates with the Credgenics web Credgenics manages over INR 1,500 crores of debt on its
platform and allows features like navigation to the applicant financial platform and helps their clients by significantly
provided address, direct calling of borrowers, geo-tracking improving the resolution rates by up to20% and up to 20-
of the agent's live location, logging collection details (like days reduction in the resolution time. The team comprises
recovered amount, collection mode and status for successful of 150+ members, with a strong 70+ member tech and
and failed recoveries), collection and visit proof, single & product team. Credgenics also has 2200+ legal counsels
multiple loan deposit to the lender's bank/company branch, empanelled pan-India for arbitration and legal steps in late
and collection receipt's integration with the communication stage delinquencies. To facilitatethe debt recoveries and
channels like Email, SMS, WhatsApp, etc. thereby remedy the steep rise in the NPA, the company
Commenting on the launch, Anand Agrawal, Co-Founder& works with 7 leading private banks like ICICI Bank, IDFC
CTO, Credgenics, said, "We are really excited to introduce First, Axis Bank and Kotak Bank, besides 40+ marquee NBFCs
loan recovery FOS application for the collection agents and like IIFL Finance, Loantap, DMI Finance, Clix Capital, Udaan,
the managers. Through this CG Platform, managers can Moneytap, Moneyview, among others.
benefit from hassle-free loan allocation, easy tracking of Recently, Credgenics received US$25 Million in Series-A
agents and cases allocated to them and the corresponding round and multiplied its valuation by 5.5 times to $100
collection cycles. Besides this, collection agents could easily million. The round was led by reputed investors Westbridge
manage and plan the loans in their portfolio. They can check Capital, Tanglin Venture Partners, and Accel Partners, along
for important parameters against those loans like DPD with the participation of other marquee investors.

Exports rise 21% in Sept, while imports surge by 85%

India's merchandise exports soared 21.35 per cent to $33.44 billion in September 2021 compared to $27.56 billion in
the same month last year due to robust demand from other countries.
The merchandise exports in September 2021 were up 28.51 per cent from $26.02 billion during the pre-pandemic
period of September 2019, showed preliminary data released by the Ministry of Commerce and Industry. The country's
merchandise exports in April-September 2021 stood $197.11 billion, an increase of 56.92 per cent over $125.61 bil-
lion in April-September 2020 and an increase of 28.51 per cent over $159.14 billion in April-September 2019.
Other the other hand, merchandise imports also saw a huge jump of 84.47 per cent to $56.38 billion in September
2021 against $30.52 billion in September 2020. Imports surged 49.58 per cent over $37.69 billion during the pre-
pandemic period of September 2019.

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