InCred has achieved Unicorn status following a successful Series D funding round of $60 million.
InCred, a fintech firm headquartered in Mumbai, has achieved unicorn status after a highly successful Series D funding round that raised $60 million. This remarkable accomplishment now places it as the second company, following Zepto, to attain unicorn status this year.
Investment details and valuation
InCred had previously stated its intention to raise Rs 500 crore from investors in November, although it did not disclose specific valuation and investor information at that time. Recently, the company's board approved a special resolution to issue 3,70,37,037 equity shares, resulting in a valuation of $1.03 billion for the company after the latest funding round.
Mr. Bhupinder Singh, Founder & CEO
Key Investors
The Series D funding round was led by Ranjan Pai of MEMG, who generously contributed $9 million. Noteworthy investments were also made by Ravi Pillai, Chairman at RP Group of Companies, and Ram Nayak, Global Co-Head of the Investment Bank at Deutsche Bank. Additionally, ultra-high-net-worth individuals, Family Offices, and institutional investors such as Varanium Capital Advisors and Sattva Group graciously took part in this round.
Stakeholder landscape
Following the capital infusion, KKR India Financial Investments became the majority stakeholder with a 31.5% share, while B Singh Holdings held a 17.2% stake. Additionally, MEMG Family Office acquired a 0.87% stake in the company.
Current financial performance
InCred exhibited strong financial performance, showcasing a remarkable 77.4% growth in operating scale to Rs 865.6 crore in FY23, as opposed to Rs 488 crore in FY22. Profits experienced a significant surge of 3.5 times, reaching Rs 109 crore in FY23 from Rs 30.8 crore in FY22. The company also reported a profit before tax of Rs 170 crore in H1 FY24.
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Strategic moves
In a recent development, InCred has expressed its intention to venture into the insurance industry. This strategic decision is in line with the company's dedication to expanding its portfolio and exploring fresh growth opportunities.
In conclusion
It can be stated that the aforementioned points highlight the importance of considering alternative solutions to address the issue at hand. InCred's journey to unicorn status highlights its significant market relevance and investor confidence. The company's remarkable financial performance and strategic expansion into the insurance sector position it for ongoing success in the ever-evolving fintech industry.
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