Online lending platform InCred has reportedly bagged RS 500 Crore ($66.9m) in a debt funding line.
The company received the funds from a number of unnamed public sector banks and public financial institutions, according to a report from CNBC TV18.
With the fresh line of equity, the FinTech will boost lending across select segments in consumer, education and MSME markets, the article states.
InCred offers consumers in India with access to personal, education, SME business and two wheeler vehicle loans. The company, which was founded in 2016, claims to have added more than 500,000 customers in India.
Loan products are tailored to the consumer needs, with flexible repayment options and high loan limits.
The company previous funding round was a $75m investment back in 2016 from investors including IDFC Bank and Alpha Capital.
Earlier in the week, fellow India-based FinTech platform Finin secured a pre-Series A round. The startup is a neobank platform, helping consumers to get better control of their finances.
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