InCred becomes 2nd unicorn of 2023 after raising $60 mn in funding round

Fintech firm InCred has turned unicorn after raising $60 million in a funding round from new and existing investors.

Following the fresh capital infusion, InCred has been valued at $1.04 billion and has become the second company to gain unicorn status this year, the company said in a statement.

The Series D round was led by Ranjan Pai of MEMG, who invested $9 million followed by Ravi Pillai, Chairman at RP Group of Companies, and Ram Nayak, Global Co-Head of the Investment Bank and Head of Fixed Income & Currencies at Deutsche Bank, who invested $5.4 million and $1.2 million, respectively.

The fundraise also saw participation from several large ultra-high-net worth individuals and Family Offices, as well as institutional investors like Varanium Capital Advisors and Sattva Group, it said.

"This funding marks a significant milestone in our journey and takes us into the ranks of Unicorns. We are deeply grateful for the overwhelming support our investors have shown.

"This equity capital will help us take advantage of these opportunities, strengthen our balance sheet and provide us enough runway for the next couple of years of expansion," InCred CEO Bhupinder Singh said.

The equity capital of Rs 500 crores will be strategically deployed across InCred's core business verticals: Consumer Loans, Student Loans, and MSME Lending, all three of which have seen strong growth, it said.