InCred Holdings Limited, the holding company of fintech startup InCred Financial Services Ltd, has secured commitments worth INR 500 Cr ($60 Mn) in its Series D Funding round.
The startup said it has received interest from various investors, including a global private equity fund, corporate treasuries, family offices, and UHNIs for the funding round, which will turn it into a unicorn.
The fresh capital will be strategically deployed across InCred’s core business verticals – consumer loans, student loans, and MSME lending.
“This funding commitment marks a significant milestone in our journey and takes us into the ranks of unicorns. 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,” Bhupinder Singh, founder and group CEO of InCred, said.
“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,” Singh added.
InCred Finance claims to have built a INR 7,500 Cr loan book within six years, and a growth over 50% CAGR over the last three years.
On completion of the funding round, InCred will become only the second Indian startup to join the unicorn club in 2023. Zepto is the only Indian startup to join the coveted club this year.
(The story will be updated soon.)
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