Mumbai-based InCred Holdings, the holding company of InCred Financial Services, has raised INR 500 crore in its latest round of Series D funding. The latest funding round values the company at nearly $1.05 billion. The company is the second to become a unicorn this year, following Zepto’s entry into the $1-billion club in August. According to an official release, the equity capital of INR 500 crore will be strategically deployed across InCred’s core business verticals: Consumer Loans, Student Loans, and MSME Lending, all three of which have seen strong growth.
“This funding commitment 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. 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 of InCred.
InCred Group is a financial services firm operating across the BFSI sector through 3 separate entities – ‘InCred Finance’ in Lending, ‘InCred Capital’ in Wealth and Asset Management, Investment Banking and Equities & ‘InCred Money’ in retail bonds and alternative investments. InCred Holdings Limited is the holding company of InCred Financial Services Limited.
The lending business of the group was founded in 2016 by Bhupinder Singh as a new-age, tech and risk-analytics focused lending institution. Its business verticals include Consumer Loans, Student Loans, and MSME Lending.
InCred Finance has seen rapid growth since inception, building a INR 7,500 crore loan book within six years, and a growth CAGR of 50+% over the last three years. The company further claimed that it has seen a sharp positive trajectory in profitability with pre-tax RoA in H1-24 at a class leading 5+%, and a PBT of INR 170 crore.
In July last year, InCred Financial completed its merger with private equity firm KKR’s finance lending unit KKR India Financial Services in an all-stock deal, a year after it was announced.
