India-based used-car marketplace Cars24 has formed a partnership with Credgenics, an SaaS-based debt collection and resolution agency.

According to a news release, Credgenics will help Cars24’s financial arm streamline field-team operations, simplify reconciliations, digitize visit management and achieve seamless tracking. Credgenics’ SaaS offering includes capabilities such as offline operability in remote areas, real-time field tracking and easy repayment provisions.

Credgenics specializes in automating workflows and integrating communications using advanced machine learning (ML) capabilities. This automation is expected to eliminate laborious processes like data uploading, tracking and reporting.

Cars24’s strategic partnership with Credgenics comes as its financial arm finds itself increasingly grappling with bad loans. Credgenics is expected to provide data-driven insights and inform debt collection strategies while enhancing the overall operational efficiency of the used-car site’s financial arm in 180 cities across India.

Founded in 2015, Cars24 was initially a b-to-b marketplace but later shifted to a c-to-b-to-c model. Its consolidated operating revenue rose by 7.8% year on year (y-o-y) in the 12 months to March 2023 (FY22-23).

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