Good morning, it's Friday and we're also almost at the end of October and elections in the US are just around the corner. In the news today, we have an interesting fintech company raising their seed round & an update in the food delivery industry.
➡️ Loan recovery startup Credgenics is raising a $3.3M seed round led by Accel with participation from QED Innovation Labs, Breadlake Ventures and existing investor Titan Capital along with several angel investors as well.
➡️ I think the company's tagline explains what they do very well- “Converting Bad Debt into Good Assets”. The company offers a loan recovery management product to lending startups & NBFCs and has a mix of online and offline services to offer them.
➡️ Indian lenders seems to have a significant problem with NPAs and Credgenics is helping solve the problem with the data set it has created over the years. The platform can be used to monitor borrower behaviors and can also predict the likelihood of the borrowers paying back their loan.
➡️ The platform also has some very large customers including the likes of startups like Loansimple, Rupeeredee, Cashkumar and banks like Kotak Mahindra Bank and ICICI Bank. The company also claims that it recoveries for its customers have improved to 89% of the cases (from 78%) after adopting Credgenics.
2. https://bit.ly/3oFM6Us: Swiggy expects demand to return to pre-pandemic levels soon
➡️ We have an update from the food delivery world- Swiggy expects the daily food order levels to return to pre-pandemic levels by the end of the year. The company has also been onboarding over 7,000 new restaurants every month.
➡️ Food delivery certainly has seen different trajectories in the US and India. In the US, we've seen massive growth in the industry (along with online grocery), while the daily order levels in India plummeted during the pandemic. In the US, after the first upsurge the numbers have been relative consistent and it seems like in India the orders are slowly ticking up. Cool chart about the US food delivery space- https://secondmeasure.com/datapoints/food-delivery-services-grubhub-uber-eats-doordash-postmates/
➡️ The interesting statistic in India is that there has been an increase of 30% in the number of dishes per order and a higher order value (low order values have certainly been a cause for concern in the industry previously). The platform has now delivered over 100M orders during the pandemic, which started in late March compared to the 92M orders delivered by Zomato.
➡️ There have also been encouraging signs of the premium brands and restaurants on the platform with 1 of 7 deliveries orders from fine-dining restaurants. Swiggy has also been trying out several other verticals in its effort of being the central place for all hyperlocal deliveries but its still too soon to talk about traction in those verticals. In-person delivery is slowly returning to normalcy but its great to see the Indian food delivery platforms that have almost made a comeback to their peaks- I'm sure a lot of employees in the sector and delivery personnel are relieved (side note: If you're in CA, vote Yes on Prop 22)
Feedback & ❤️ always appreciated BONUS (Tweet of the day): https://twitter.com/sarthakgh/status/1321469636446216193
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