InCred Attains Unicorn Status with $60 Mn Fundin


Three points you will get to know in this article:

  • InCred secures unicorn status with $60 million Series D funding, valuing the company at $1.03 billion.
  • Investors include prominent figures from various sectors.
  • InCred exhibits substantial financial growth, plans to expand into the insurance sector.

In a significant milestone, InCred, a leading fintech company, has achieved unicorn status, marking a momentous occasion for the firm. The accomplishment comes on the heels of a successful Series D funding round, where InCred secured an impressive $60 million from both new and existing investors. Notably, it follows in the footsteps of Zepto, making InCred the second company this year to attain unicorn status.

InCred Keeps Precise Valuation and Investors Under Wraps

Back in November, the Mumbai-based non-banking finance company (NBFC) excitedly announced its investors’ commitment to raise Rs 500 crore. Despite the anticipation surrounding this development, InCred opted to keep the precise valuation and the identities of participating investors under wraps.

In a strategic move, InCred’s board unanimously passed a special resolution, paving the way for the issuance of 3,70,37,037 equity shares. Each share, with a face value of Rs 10, comes at a premium of Rs 125, contributing to a substantial sum of Rs 500 crore. These details were meticulously outlined in the regulatory forms filed with the Registrar of Companies, solidifying InCred’s commitment to transparency and financial excellence.

In a recent funding milestone, the equity round took center stage with Ranjan Pai from MEMG leading the way, generously injecting $9 million into the venture. Following suit were notable contributions from Ravi Pillai, the esteemed Chairman at RP Group of Companies, and Ram Nayak, a distinguished figure serving as the Global Co-Head of the Investment Bank and Head of Fixed Income & Currencies at Deutsche Bank. Their investments tallied at $5.4 million and $1.2 million, respectively.

InCred’s Valuation Hits $1.03 Billion Post-Series D Funding

The funding endeavor witnessed enthusiastic participation from prominent ultra high-net-worth individuals, Family Offices, and notable institutional investors such as Varanium Capital Advisors and Sattva Group.

With this fresh infusion of capital, InCred is now valued at an impressive $1.03 billion, as reported by the startup intelligence platform TheKredible.

In the aftermath of this successful funding round, the ownership landscape has undergone a transformation. KKR India Financial Investments emerges as the predominant stakeholder, holding a commanding 31.5% of the shares, while B Singh Holdings secures a noteworthy 17.2%. MEMG Family Office solidifies its presence by acquiring a 0.87% stake in the company.

The company recently secured Rs 500 crore (equivalent to $68 million at that time) through a debt funding round, drawing support from a consortium of public sector banks and financial institutions.

In the latest fiscal year (FY23), InCred has shown remarkable growth, with its operational scale surging by 77.4% to reach Rs 865.6 crore, a substantial increase from the FY22 figure of Rs 488 crore. According to TheKredible, the company’s profits have experienced an impressive 3.5X boost, reaching Rs 109 crore in FY23 compared to Rs 30.8 crore in the preceding fiscal year (FY22). This underscores the company’s robust financial performance and underscores its resilience in the market.

InCred Explores New Avenues with Venture into Insurance Business

During the first half of the fiscal year 2024, the company achieved a pre-tax profit of Rs 170 crore.

Adding to its recent milestones, the Bhupinder Singh-led company took a significant step forward by approving a resolution to venture into the insurance business, a noteworthy development exclusively disclosed by Entrackr.

In a noteworthy funding event, Zepto, the Quick commerce platform, secured an impressive $200 million in August, marking its ascent as the inaugural unicorn of 2023. It’s worth noting that 2022 witnessed 26 and 2021 saw 44 startups achieve unicorn status, highlighting the dynamic growth in the startup ecosystem during these respective years.

InCred, a leading fintech company, achieved unicorn status following a successful Series D funding round of $60 million, solidifying its position as the second unicorn of the year. Notable investors, led by Ranjan Pai and including prominent figures from various sectors, contributed to this venture, valuing InCred at $1.03 billion. The company also secured Rs 500 crore through debt funding and exhibited robust financial growth in FY23. Furthermore, it has resolved to diversify into the insurance business. These developments underscore InCred’s resilience and commitment to growth in a dynamic startup ecosystem.

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