It is the second unicorn of the year after Zepto.
Indian fintech firm InCred Finance has become India's second startup to enter the coveted unicorn list of 2023 after online grocery company Zepto, lifting the hopes of several companies struggling to raise capital amid current macro market headwinds.
In response to the news, the company's CEO stated that the funding would help the company’s capital expansion in the years to come.
"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," InCred CEO Bhupinder Singh said.
The lending arm of financial services company InCred Group, InCred Financial Services Ltd. (InCred Finance), has secured Rs 500 crore in its Series D round of funding, making it the second startup this year to enter the coveted 'unicorn' club.
InCred Financial's recent valuation is approximately Rs 8,800 crore, or $1.05 billion. The investors, which the business did not name, are claimed to consist of family offices, corporate treasuries, ultra-high-net-worth individuals, and a worldwide private equity (PE) fund.
The Series D round was led by Ranjan Pai of MEMG, who invested USD 9 million followed by Ravi Pillai, Chairman at RP Group of Companies, and Ram Nayak, Global Co-Head of the Investment Bank and Head of Fixed Income and currencies at Deutsche Bank, who invested USD 5.4 million and USD 1.2 million, respectively. The fundraise also saw participation from several large ultra-high-net-worth individuals and Family Offices, as well as institutional investors like Varanium Capital Advisors and Sattva Group, it said.
The equity capital of Rs 500 crores 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, it said.
About Bhupinder Singh
Bhupinder is the Founder and CEO of InCred. Before this, he was the head of the Corporate Finance division of Deutsche Bank and co-headed the Fixed Income, Equities and Investment Banking divisions for the Asia Pacific region.
As per his LinkedIn profile, he is an alumnus of the Indian Institute of Management Ahmedabad.
(With inputs from PTI)
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