InCred Financial Services Partners With Ola To Offer Personal Loans

Fintech unicorn InCred Financial Services has partnered with Ola Financial Services to offer personal loan services directly through the Ola app. 

The partnership allows Ola users to apply for personal loans of up to INR 10 Lakh directly through the Ola app.

Per the company, the partnership is aimed at enhancing the financial accessibility for millions of users across the country.

In a statement, Prithvi Chandrasekhar, CEO of consumer finance at InCred Finance, said, “Our goal is to transform and democratise access to credit, and teaming up with Ola is a major milestone in this mission. By embedding cutting-edge technology, this partnership creates a streamlined, hassle-free loan experience, making it easier for Ola users to access the credit they need.”

Founded in 2016 by Bhupinder Singh, InCred operates in the BFSI sector through three distinct entities — the lending vertical InCred Finance, the wealth and asset management vertical InCred Capital, and the retail bonds and alternative investments platform InCred Money.

The unicorn categorises its operating income into various segments, including interest income, dividend income, fees and commission income, and net gains from the derecognition of financial instruments under the amortised cost category.

InCred turned unicorn in 2023 after raising $60 Mn (INR 500 Cr) in its Series D funding round led by Manipal Education and Medical Group’s Ranjan Pai. 

The startup counts KKR, ADIA, TRS, OAKS, Investcorp, Moore Capital, Elevar Equity, Ranjan Pai, and Gaurav Dalmia as its investors.

InCred posted a nearly 162% YoY increase in its FY24 consolidated net profit to INR 316.3 Cr. Growing almost 47% YoY, InCred reported an operating revenue of INR 1,270 Cr in FY24 as against INR 864.6 Cr in FY23.

Meanwhile, the NBFC has reportedly appointed the CFO of Standard Chartered Bank, Gaurav Maheshwari, as its new finance head.