Debt Nirvana Expands to Singapore
July 21, 2020: Debt Nirvana, India’s premier Credit Reports, Receivables Management and Debt Collection agency founded by Ex-Google Employees Ravi Malhotra and Shilpi Malhotra, has announced its strategic expansion into Singapore by opening an office in the South-East Asian country. The new offshore facility will host the company’s strategic management, business development and customer support teams while offering substantial growth opportunities.
Said Ravi Malhotra, Founder, Debt Nirvana: “In this challenging recessionary economic scenario, we are glad to expand our operations overseas. Singapore is a global business hub, with many MNCs and more than 154,000 SMEs choosing the country to set up their base. The prosperous city-state is an ideal springboard for us to tap into other emerging markets in Asia. We have several Fortune 500 clients from our existing customer base which have regional headquarters in Singapore. They have evinced keen interest in our services for South East Asia and Asia-Pacific markets, apart from India. Our Singapore office is an important step forward in our growth story and overseas expansion.”
Debt Nirvana, founded in 2013, has been managing Credit Reports and Accounts Receivables in excess of $500 million on an annual basis for its clients in a wide spectrum of industries including Software and Technology, Banking, Entertainment, Manufacturing and Logistics.
The company offers services such as Credit Reports, Accounts Receivables Outsourcing, Finance Process Outsourcing and Debt Collection. In today’s challenging economic environment, including the Covid-induced recession, there is a greater requirement for professional credit and cash collection partners like Debt Nirvana which offer research-based credit risk mitigation and debt collection services.
Said Ravi Malhotra, Founder, Debt Nirvana: “We are very bullish about the credit reports and debt collection industry. Players in all sectors of the economy are witnessing a gradual shift from extending open credit to customers without doing any research-based risk mitigation, to a scenario where a lot of credit research and due diligence is done before extending open credit to customers with a sizable credit limit. I believe we have just scratched the surface in terms of our business potential. We help our customers reduce likely bad debts scenarios in excess of 90% of the credit reports that we prepare. In terms of debt collection services, we have success rate in recovering bad and sticky debts of around 45 percent in India and close to 60 percent in Asia Pacific markets.”