Online lending platform InCred Finance, part of the InCred Group has successfully raised Rs 500 crore ($60 million) in its Series D funding round valued it at $1.05 billion. The latest valuation entitles InCred to the coveted ‘Unicorn’ status. Zepto was the first unicorn of this year.
InCred plans to use the funds to expand its core lending business including consumer loans, student loans, and lending to Micro, Small, and Medium enterprises (the MSME segment). The company allows its borrowers to repay loans via credit, debit cards, bank transfers, and even wallets.
“Our goal is to make InCred a central part of every Indian family’s financial aspiration and to eventually list the business, unlocking significant value for all our shareholders,” said Bhupinder Singh, founder and group CEO of InCred.
About the Company
InCred Finance was formed by the merger of the American giant KKR’s Indian non-banking arm and the erstwhile InCrest Financial. About one-third of the stake in the merged entity is held by KKR, the Teacher Retirement System of Texas, and the Abu Dhabi Investment Authority. The company claims to manage a loan book of Rs 7500 crore and is part of the InCred Group that has a presence in the areas of wealth and asset management, alternative investments, retail bonds and investment banking.
Founded in 2016 as an NBFC by Bhupinder Singh, a former Deutsche Bank Executive.
Investors: INvestcorp, Oaks Asset Management, Elevar Equity, Moore Capital, Manipal Group Chairman Ranjan Pai, Paragon Ventures, Gaurav Dalmia of Landmark Holdings, and Oaks Asset Management.
Notable Achievements:
- Became Profitable in its First Year of Operations
- Received ET Best Bran Award 2019
- Acquired Obera, a fintech lending platform in 2020
- Tied up with Amazon and Flipkart to provide business loans to their merchants.
- The venture has raised a total of $222 million so far.
Competitors
LoanTap, Novadhan Capital
