Fintech unicorn InCred Finance doubles profit to Rs 298 crore in 9MFY24

Fintech unicorn InCred Finance has more than doubled its profit to Rs 298 crore for the first nine months of financial year 2024 (9MFY24), compared to Rs 129 crore in 9MFY23.

The company saw its revenue expand by 51 per cent, from Rs 615 crore to Rs 929 crore during the same period.

InCred Finance, a non-banking financial company (NBFC), said its loan portfolio is spread across segments such as consumer loans, education loans, and small and medium enterprise (SME) lending.

The company claimed to have registered a 55 per cent year-on-year (Y-o-Y) growth in its assets under management (AUM), from Rs 5,154 crore to Rs 8,013 crore during the same period.

“The growth in our profitability is a testament to our ‘Risk First’ ethos, our best-in-class product delivery, and the commitment of our over 1,600 InCredibles spread across the country. We truly believe in fulfilling the financial aspirations of every Indian household and remain focused on strengthening our position even further in 2024 to better serve our customers,” said Bhupinder Singh, Founder & Group CEO, InCred.

The fintech firm was one of the two companies that entered the unicorn club last year.

Valued at $1.04 billion, the company raised around Rs 500 crore from a list of investors, including Ranjan Pai of Manipal Education and Medical Group (MEMG), who invested $9 million, followed by Ravi Pillai of RP Group of Companies, who infused $5.4 million in the company.

Ram Nayak, Global Co-Head of the Investment Bank and Head of Fixed Income and Currencies at Deutsche Bank, invested $1.2 million in the funding round.

The round saw participation from ultra-high-net-worth individuals (HNIs), Family Offices, and institutional investors such as Varanium Capital Advisors and Sattva Group.