InCred Closing $60 Mn Series D Round, To Be Second Unicorn Of 2023

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.

Founded in 2016 by Bhupinder Singh, the lending business of InCred group started working as a new-age, tech and risk-analytics focused lending institution. Its business verticals include consumer loans, student loans, and MSME Lending.

InCred Group is currently operating across the BFSI sector through three separate
entities – InCred Finance in lending, InCred Capital in wealth and asset management, investment banking, and equities, and InCred Money in retail bonds and alternative investments.

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. 

As per Inc42 data, the funding raised by Indian startups this year till October fell to 2020 levels. Indian startups raised $8.3 Bn in the first 10 months of 2023, nearly matching the $8.7 Bn raised during the same period in 2020. However, startups raised $1.10 Bn in October, a slight uptick from $960 Mn raised in the preceding month.