InCred Holdings Limited has revealed that it is set to land INR 500 Cr ($60m) in its Series D funding round.
On completion of the funding round, InCred will become only the second Indian startup to join the unicorn club in 2023, after Zepto.
InCred is strategically directing the newly acquired capital towards its primary business verticals, focusing on consumer loans, student loans, and MSME lending. This injection of funds fortifies the company’s capacity to scale its operations and expand its market presence.
The investment includes support from a variety of investors, such as a global private equity fund, corporate treasuries, family offices, and UHNIs.
“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,” he added.
InCred Finance boasts a loan book exceeding INR 7,500 crore within six years, demonstrating a remarkable growth rate of over 50% CAGR over the past three years, underscoring its rapid expansion and market traction.
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