Credgenics acquires Arrise, to launch CG Setu to transform collections
NEW DELHI, INDIA — Credgenics, a leading SaaS-based debt collections and resolution technology platform based in India, has completed its purchase of Arrise, one of the country’s largest collections service providers.
This strategic deal is meant to change the way field collections work by using technology. The new company wants to make INR 850 crore (about $100 million) a year in sales over the next three years by using the strengths of both its digital and on-the-ground workforces.
As part of the purchase, “CG Setu” will be launched. This is a project to create a uniform, tech-enabled paradigm for field collecting across India.
With this new operational umbrella, Credgenics will combine Arrise’s strong network of over 5,000 experts in more than 25 states with its current digital platforms and analytics. This will provide them end-to-end capabilities that cover more than 18,000 pin codes and 13 local languages.
Company backgrounds and financial standing
Arrise, which started in 2019, is now a well-known collections outsourcing partner for the banking, financial services, and insurance (BFSI) industry. It offers multilingual calling services and has a large global presence.
The company’s main office is in Thane, Maharashtra, and it has between 1,000 and 5,000 employees. It is also ISO-certified.
The company’s executive team, which includes MD & CEO Avadhut Thali and Executive Director Kunal Sawhney, will stay in charge for at least five years. This will ensure that operations continue smoothly and that the company has the right skills.
Credgenics has grown quickly and received a lot of venture capital. It is now a major provider of AI-driven collections solutions, delivering innovative modules for digital and field collections, legal automation, and data analytics.
The firm made around INR 100 crore (approx. US$11.4 million) in sales in fiscal year 2023 and is aiming for more than INR 240 crore (approx. US$27.3 million) this year. It has strong capitalization after a $50 million Series B investment in 2023. It has a foothold in worldwide markets and works with top banks, NBFCs, and fintech companies.
Leaders foresee sector transformation
“This strategic partnership marks a huge step forward in Credgenics’ mission to transform debt collections with technology,” commented Rishabh Goel, Co-founder & CEO of Credgenics.
“CG Setu will disrupt the field collections model with its efficient, data-driven, and compliant approach. It will deliver greater efficiency and complete transparency for lenders, while providing a superior experience for borrowers.”
Echoing the optimism, Avadhut Thali, MD & CEO of Arrise, stated, “Joining hands with Credgenics unlocks new avenues for technology innovation and business value creation in the critical area of debt collections … [We] are confident that this coming together of expertise and technology will help us set new benchmarks in scale, effectiveness, and compliance for collections in the financial services industry.”
The transaction is anticipated to improve operations, create new standards for compliance and customer involvement, and strengthen both firms’ positions in the global outsourcing and BPO marketplace.
