InCred, the fintech firm, has achieved unicorn status, securing $60 million in a Series D funding round from both new and existing investors. With a valuation of $1.04 billion post-investment, InCred is the second company to attain unicorn status in the current year. The Series D round was spearheaded by Ranjan Pai of MEMG, who contributed $9 million. Noteworthy investments also came from Ravi Pillai, Chairman at RP Group of Companies, with $5.4 million, and Ram Nayak, Global Co-Head of the Investment Bank and Head of Fixed Income & Currencies at Deutsche Bank, with $1.2 million. The funding round witnessed active participation from high-net-worth individuals, family offices, and institutional investors such as Varanium Capital Advisors and Sattva Group.
“This funding marks a significant milestone in our journey and takes us into the ranks of Unicorns. We are deeply grateful for the overwhelming support our investors have shown. This equity capital will help us take advantage of these opportunities, strengthen our balance sheet and provide us enough runway for the next couple of years of expansion. With our ‘Risk First’ approach, cutting-edge technology, and class-leading management team, we are well-positioned for sustained growth in the business over the years to come. Our goal is to make InCred a central part of every Indian family’s financial aspirations, in line with the powerful growth seen by the Indian economy, and to eventually list the business unlocking significant value for all our shareholders,” said Bhupinder Singh, Founder and Group CEO, InCred.
InCred is set to strategically allocate INR 500 crore of equity capital across its key business verticals: Consumer Loans, Student Loans, and MSME Lending, all of which have exhibited robust growth. The surge in the Indian Student Loans market is attributed to the doubling of US student visas issued to Indians, reaching 100,000 from 50,000 in the past two years. The MSME business is experiencing significant expansion, especially in the nationwide secured LAP market. Additionally, the Consumer Lending sector is thriving due to robust demand fueled by overall economic growth and the customary festive season upswing. InCred’s diversified lending model is designed to mitigate segment-specific macro impacts and provide adaptability to the business model, aligning with its core strategy.
InCred Group, a prominent financial services firm, operates across the BFSI sector through three distinct entities: ‘InCred Finance’ in Lending, ‘InCred Capital’ in Wealth and Asset Management, Investment Banking, and Equities, and ‘InCred Money’ in retail bonds and alternative investments. InCred Holdings Limited serves as the holding company for InCred Financial Services Limited. Established in 2016 by Bhupinder Singh, the group’s lending business is a modern, technology-driven institution with a focus on risk analytics. The business verticals encompass Consumer Loans, Student Loans, and MSME Lending.
