Bengaluru: InCred Finance, the lending arm of financial services firm InCred Group, has raised ₹500 crore ($60 million) in its Series D round of funding joining the coveted ‘unicorn’ club, which has not seen any major additions in the country in 2023 besides quick commerce firm Zepto.
The latest round values InCred Finance at about ₹8,800 crore ($1.05 billion).
The company did not disclose the name of its investors, but said its backers include a global private equity fund, corporate treasuries, family offices, and Ultra high net worth individuals.
The fund raise comes sixteen months after the firm completed its merger with US private equity giant KKR in July last year in an all-stock deal.
InCred Financial Services Ltd. was formed by the merger of KKR India Financial Services Ltd, the local non-banking finance arm of KKR, and erstwhile Incred Financial. KKR, along with two other investors Teacher Retirement System of Texas and Abu Dhabi Investment Authority (ADIA), together hold a little more than a third of the stake in the merged entity.
InCred Finance plans to use the capital across its core business verticals, consumer loans, student loans, and MSME lending, it said in a statement.
“This funding commitment marks a significant milestone in our journey and takes us into the ranks of unicorns,” said Bhupinder Singh, founder and group CEO, InCred. “Our goal is to make InCred a central part of every Indian family’s financial aspirations, and to eventually list the business unlocking significant value for all our shareholders.”
A former Deutsche Bank executive, Singh had founded InCred Finance in 2016 as a tech-enabled lending platform. It also counts Investcorp, Oaks, Moore Capital, Elevar Equity, Paragon Partners, Ranjan Pai, Gaurav Dalmia, among others, as its investors.
InCred is a new-age lender offering loans online and offline to consumers, small businesses and for education. The firm manages a loan book of ₹7,500 crore.
It is part of the larger InCred Group, which has businesses spanning wealth and asset management, investment banking ‘InCred Capital’, and retail bonds and alternative investments arm ‘InCred Money’.
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