Incred Raises $60 Million In funding round, Becomes Unicorn

Fintech firm Incred became a unicorn after raising $60 million in a funding round from new and existing investors. Following the latest capital infusion, InCred is valued at USD 1.04 billion and becomes only the second company to receive unicorn status this year, the company said in a statement.

The Series D round was led by MEMG's Ranjan Pai, who invested USD 9 million, followed by Ravi Pillai, chairman at RP Group of Companies and Ram Naik, global co-head of the investment bank and head of fixed income and currencies at Deutsche. The bank invested USD 5.4 million and USD 1.2 million respectively.

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Several large ultra-high-net-worth individuals and family offices, as well as institutional investors such as Varenium Capital Advisors and Satva Group, also participated in the fundraiser.

"This funding marks an important milestone in our journey and catapults us into the ranks of unicorns. We are extremely grateful for the overwhelming support shown by our investors.

"This equity capital will help us capitalize on these opportunities, strengthen our balance sheet and provide enough runway for expansion over the next two years," said Incred CEO Bhupinder Singh.

The equity capital of Rs 500 crore will be strategically deployed across Incred's core business verticals consumer loans, student loans and MSME loans, all three of which have seen strong growth.

(With PTI Input)

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