VMPL
New Delhi [India], June 24: India's robust GDP growth has firmly established it as the world's fastest-growing large economy. With breakthrough technological advancements, rapidly expanding infrastructure, and a vibrant startup ecosystem driving innovation, India is well on its way to achieving developed nation status and paving the way for transformative economic progress on a global scale.
The "Crafting Bharat - Season 2" powered by AWS Startups, an initiative by NewsReach, in association with VCCircle, and production partner - HT Smartcast, explores how startups are harnessing the power of the cloud to accelerate growth, optimise operations, and building solutions that will define the India of Tomorrow. This series is hosted by Gautam Srinivasan, famed for hosting a diverse range of TV and digital programs, currently consulting editor at CNBC (India), CNN-News18, Forbes India, and The Economic Times.
In this episode, we spotlight Anand Agrawal, Co-Founder and CPTO of Credgenics, who are offering a simplified digital approach to recovering dues. He shares insights about the lending industry, how they pivoted from litigation management to debt collection and how AWS helped them scale effectively and efficiently.
In this series, explore inspiring startup stories that are shifting gears and sparking innovation across sectors, all contributing to India's transformation into a developed nation by 2047 in this captivating series.
Episode link: https://www.youtube.com/watch?v=kzGiFgbMrh8
Edited Excerpts:
Segment 1: Ignite
Take us through how solving specific customer pain points helped you grow the suite of services and eventually transformed you to a platform for all things debt recovery?
Despite our lack of collections or lending experience, we thoroughly analyzed customer pain points and developed a technology solution by drawing analogies from other industries. Embracing an outsider's perspective, we transformed our litigation management tool into an integrated mobile application with a dialer system, streamlining workflows and data sharing. Instead of fragmented solutions, we combined multiple functionalities into one platform, enabling bank collections teams to work together seamlessly and efficiently.
What gave you a first mover's advantage in solving collections problem?
Our unique advantage was being the first to address collections using technology. Instead of managing portfolios as traditional agencies do, we built a scalable platform that empowers lenders to handle collections directly. Our solution accommodates lakhs of accounts and diverse lending products, offering a generic, adaptable product designed through deep insight into the industry's needs rather than one-off solutions for individual customers.
What was the reason behind expanding into Indonesia so early in the game? What did your funders think about the move?
We expanded into Indonesia in early 2023, capitalizing on a pandemic-induced need for tech-based debt management solutions. With minor product adjustments for currency, time zones, and language, we maintained our core functionality. Our steady three-year growth convinced investors, and after thorough internal discussions, we aligned on the strategy to test Indonesia's market with confidence.
Segment 2: Launch
How demanding did large customers get once they bought into your idea and how challenging was it for Credgenics to service their needs?
We cater to enterprise clients, including large lenders and major banks. These institutions often demand highly customised solutions, as they are accustomed to working with leading IT service providers. Our inaugural product-- a legal notice solution--began as a 10-page document and evolved in 2-3 months into a low-code, drag-and-drop platform that triggers digital and physical notices. Our goal remains to deeply understand challenges and provide innovative, efficient, and cost-effective solutions.
Sub-segment: Boost
The Credgenics platform is built on AWS. Take us through the highlights of how AWS has enabled you to scale via AWS Managed Services and fuel your ambitious growth plans for 2025?
We deployed our solution on AWS and rely on a KEDA-based Kubernetes architecture for event-driven autoscaling. As user-triggered events reach a 70-75% threshold, additional infrastructure is automatically provisioned. Our workflows run asynchronously--triggered by prior customer interactions rather than manual scheduling. AWS MSK and MQ efficiently manage these queues, ensuring smooth operations even during unpredictable scaling.
Segment 3: Orbit
What are the gaps remaining when it comes to debt recovery and collections especially for the next billion users in Tier 3 and 4 areas as trends such as BNPL or Credit EMIs reach underserved segments?
The Viksit Bharat@2047 agenda is ambitious and hinges on boosting digital literacy, especially in Tier 3 and 4 markets. To serve the next billion users, it's essential to educate them on building and maintaining healthy credit scores. Financial institutions in the MSME and microfinance sectors are addressing these challenges by leveraging alternative data sources, communicating in multiple languages, and establishing local branches to gradually build credit profiles and enhance overall financial inclusion.
Stay tuned to Crafting Bharat - Season 2 as we bring you these inspiring entrepreneurs for insightful and candid discussion with Gautam Srinivasan.
As India stands at this pivotal moment, ready to accelerate on its growth path, it is essential to harness the unwavering dedication, belief in the nation's potential, and the energy of its youth. With strong leadership and a mission-driven approach, transforming India to shape a brighter role for itself on the global stage.
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