InCred Finance Onboards Gaurav Maheshwari As Head of Finance

InCred Closes $60 Mn Series D Round, Becomes Second Unicorn Of 2023

SUMMARY

Maheshwari has enjoyed two stints at Standard Chartered. He first joined the bank as a manager in 2001 and served until 2018 in various capacities. He then returned to Standard Chartered as the CFO in June 2020

InCred’s CFO Vivek Bansal reportedly stepped down earlier this month, after a six-year-long stint to launch his own MSME-focussed NBFC venture Saarathi Finance

The fintech unicorn’s consolidated net profit for FY24 stood at INR 316.3 Cr, up 162% YoY

Non-banking financial company (NBFC) InCred Finance has reportedly appointed the CFO of Standard Chartered Bank, Gaurav Maheshwari, as its new finance head.

As per an ET report, citing sources, InCred Finance is strengthening its leadership team and the hiring of Maheshwari is in line with the plans.

Inc42 has reached out to InCred Finance for comments on the development. The story will be updated based on the response.

Per Maheshwari’s LinkedIn profile, he has enjoyed two stints at Standard Chartered. He first joined the bank as a manager in 2001 and served until 2018 in various capacities. In September 2018, Maheshwari joined Altico Capital as the head of finance where he served for nearly two years. He then returned to Standard Chartered as the CFO in June 2020.

Notably, InCred’s CFO Vivek Bansal reportedly stepped down earlier this month, after a six-year-long stint to launch his own MSME-focussed NBFC venture Saarathi Finance.

In June, the fintech unicorn posted a 162% YoY jump in its consolidated net profit to INR 316.3 Cr for the financial year 2023-24 (FY24). Growing almost 47% year-on-year (YoY), InCred also reported an operating revenue of INR 1,270 Cr in FY24 as against INR 864.6 Cr in FY23.

As a measure to strengthen its leadership wing, InCred Capital, the wealth and asset management arm of InCred Financial Services roped in Vikram Agarwal as its chief operating officer in May.

A month ago, a peer fintech SaaS startup Perfios named Rajesh Kini as its chief financial officer to drive the company’s overall growth.