InCred, an Indian alternative lender has raised the largest round for an Indian fintech startup so far this year. The non-banking financial company (NBFC) has received $75m in a new round of funding from high-profile individuals including Deutsche Bank’s former co-chief Anshu Jain.
The company is yet to launch publicly, but will offer loans for SMEs, education and mortgages to the Indian market.
At present the company, which is headed up by Bhupinder Singh another former senior executive at Deutsche Bank, is assembling a board of well-known senior financial experts, including Manipal Group’s managing director and CEO Ranjan R Pai and Gaurav Dalmia, the chairman of Landmark Holdings.
IDFC Bank and Alpha Capital also joined the round with other private equity firms.
InCred says it will lend money differently from sector to sector with educational loans based on things like a student’s grades.
The SME financing market in India is also far less-developed than in other regions and it’s this market where it sees the greatest opportunity lying.
The new capital will help InCred to finance loans, as well as expand its team and the company is currently recruiting for a wide range of senior roles.
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