With the completion of its series D investment round, non-banking lending business InCred Finance has raised $60 million from several prominent backers. With a valuation of almost $1.04 billion, the funding round brought InCred into the unicorn club, becoming the second unicorn of 2023.
With an investment of $36.76 million, the company’s extremely wealthy clients from its wealth division, Incredible Wealth, spearheaded the round.
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Other high-net-worth participants included Ranjan Pai of MEMG Family Office, who contributed $9 million, and a group of Ravi Pillai, chairman of RP Group, and Ram Nayak, cohead of Deutsche Bank, who contributed $5.4 million and $1.2 million, accordingly Furthermore, Varanium Capital Advisors and Sattva Group participated in the round, as reported by The Economic Times.
“This funding marks a significant milestone in our journey and takes us into the ranks of Unicorns….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,” said Bhupinder Singh, founder and group CEO of InCred.
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The capital raised in the most recent round will be spread among consumer, MSME, and student loan offerings under InCred’s main lending operations.
After Zepto, InCred is the only other Indian business to join the unicorn club in 2023.
About InCred
InCred is a cutting-edge financial services company that makes lending simple and rapid by utilizing data science & technology.
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