SUMMARY
- Analog Legalhub, the parent company of Credgenics, reported a net profit of Rs 8.38 crore in FY24.
- The company’s total revenue grew 72.38% YoY to Rs 155.58 crore in FY24.
- The total expenses for the year under review stood at Rs 148.30 crore.
Analog Legalhub, the parent company of Credgenics, reported a net profit of Rs 8.38 crore in FY24, marking a turnaround from a loss of Rs 12.62 crore in FY23.
The company’s total revenue grew 72.38% YoY to Rs 155.58 crore in FY24 from Rs 90.25 crore in FY23, driven by a growing adoption of digital tools for debt collection and resolution within the financial industry.
The cost of employee benefits, a key expense for the company, rose by 49.86% YoY to Rs 61.10 crore from Rs 40.77 crore in FY23, as detailed in the consolidated financial reports.
Other operational and administrative costs, which include cost of technology and legal services, increased by 42.54%, amounting to Rs 85.64 crore, up from Rs 60.08 crore in FY23.
The total expenses for the year under review stood at Rs 148.30 crore, indicating a 44.16% rise from Rs 102.87 crore in FY23.
Credgenics is a provider of technology solutions aimed at improving loan collection and debt recovery, offering a SaaS platform designed to increase the efficiency of collections for financial institutions, including banks, non-banking financial companies (NBFCs), and digital lending entities.
Founded in 2018 by Rishabh Goel, Anand Agrawal, and Mayank Khera, Credgenics is led by Rishabh Goel as CEO, leveraging his background from Deutsche Bank and BlackRock, where he identified the economic impact of increasing bad loans on debt recovery efforts.
In 2023, the company secured $50 million in a Series B funding round, with a valuation of $340 million, led by WestBridge Capital, Accel, Tanglin Venture Partners, Beams FinTech Fund, and other key investors.
