Home Finance InCred to Raise Rs 500 Crore, Set to Join Unicorn Club

InCred to Raise Rs 500 Crore, Set to Join Unicorn Club

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InCred to Raise Rs 500 Crore, Set to Join Unicorn Club


Mumbai-based InCred Holdings, the holding company of InCred Financial Services, has raised Rs 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.


While the company did not disclose the names of investors, it said the equity round ‘garnered significant interest from various investors, including a global private equity fund, corporate treasuries, family offices, and ultra-high net worth individuals


(UHNIs)’.


“This funding marks a significant milestone in our journey and takes us into the ranks of unicorns. 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 chief executive officer, InCred. 


The company has raised around $162 million cumulatively, excluding the recent fundraise, according to data on Tracxn. 


InCred Finance plans to deploy the capital across business verticals such as consumer loans, student loans, and MSME lending. 


The company said the student loans market has grown in the country which was driven by the doubling of US student visas issued to Indians from 50,000 to 100,000 in the last two years. 


“The MSME business is seeing substantial growth, particularly in the secured LAP (loan against property) market nationwide. Finally, the Consumer Lending business is benefitting from healthy demand driven by overall economic growth as well as the usual festive season boost,” the company said in a statement. 


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. 


The company is a new-age lender managing a loan book worth Rs 7,500 crore.


The InCred Group operates through 3 separate entities such as InCred Finance in Lending, InCred Capital in Wealth and Asset Management, Investment Banking and Equities and InCred Money in retail bonds and alternative investments. 


In Elite Company


> Firm said the round “garnered significant interest from various investors”


> The firm has raised about $162 million, excluding the recent fundraise, according to market intelligence platform Tracxn


> In July last year, InCred Financial completed its merger with KKR India Financial Services 


> The company is a new-age lender, managing a loan book worth Rs 7,500 crore

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