InCred Attains Unicorn Status with $60M Funding, Targets Strategic Growth in Key Sectors

26 Dec 2023 , 09:59 AM

InCred, a fintech firm, achieved unicorn status after securing USD 60 million in funding. The valuation post-funding is now USD 1.04 billion, making it the second unicorn of the year.

Series D funding was led by Ranjan Pai (MEMG), contributing USD 9 million. Other key investors included Ravi Pillai (RP Group) with USD 5.4 million and Ram Nayak (Deutsche Bank) with USD 1.2 million.

The funding also involved ultra-high-net-worth individuals, Family Offices, Varanium Capital Advisors, and Sattva Group. InCred plans to strategically use the Rs 500 crores equity capital in core areas: Consumer Loans, Student Loans, and MSME Lending.

The CEO, Bhupinder Singh, expressed gratitude for investor support and emphasized the milestone. The equity capital infusion aims to strengthen the balance sheet and support expansion in the coming years.

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