InCred has achieved a valuation exceeding 1 billion dollars, marking its status as the latest unicorn in the country. This milestone was reached following a successful funding round that raised $60 million, placing the company's valuation at 1.04 billion dollars. Notably, InCred is the second unicorn of the year, after e-commerce platform Zepto.
The funding round, amounting to $60 million (approximately ₹500 crore), was spearheaded by Ranjan Pai of MEMG, who contributed $9 million. Ravi Pillai, the chairman of RP Group of Companies, also infused $5.4 million into the venture.
Additionally, Ram Nayak, Global Co-Head of the Investment Bank and Head of Fixed Income & Currencies at Deutsche Bank, invested $1.2 million.
The allocated funds are earmarked for the expansion of the fintech company's business verticals, including consumer loans, student loans, and MSME lending.
Participation in the round extended beyond individual high-net-worth family offices, encompassing institutional investors such as Varanium Capital Advisors and Sattva Group, according to reports from PTI.
"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 with enough runway for the next couple of years of expansion," InCred CEO Bhupinder Singh said.
In 2022, InCred Finance and KKR India Financial Services merged to create a joint entity under the brand name InCred Finance.
The company additionally stated that the equity capital would be strategically allocated across its primary business segments, encompassing consumer loans, student loans, and lending to micro, small, and medium enterprises (MSMEs).
InCred Finance also highlighted its accomplishment of building a loan portfolio totaling ₹7,500 crore within six years, showcasing a remarkable compound annual growth rate of over 50% in the last three years.
In the midst of a challenging funding climate this year, Zepto stands out as the sole company to attain a unicorn status. In August, this on-demand grocery startup secured additional funding, elevating its valuation to an impressive $1.4 billion.
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