InCred Financial Services, a nonbanking lending company based in Mumbai, is expected to secure capital of Rs 500 crore ($60 million) from a diverse range of investors, comprising corporate treasuries, global private equity funds, family offices, and ultra-high-net-worth people in general.
According to the lending company, it has already gotten every commitment and will reach a billion-dollar valuation at the end of the round, making it into the unicorn club. None of the investors’ names were given in the publication, though, as reported by The Economic Times.
“With our ‘risk first’ approach, cutting-edge technology, and class-leading management team, we are well-positioned for sustained growth in the business over the years to come. 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,” said Bhupinder Singh, founder and group CEO of InCred.
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 will be the only other Indian business to join the unicorn club in 2023 upon the conclusion of the investment round.
The mission of InCred is to establish a reliable, open, and morally-responsible financial organisation that serves the interests of all parties involved while enhancing the socioeconomic standing of Indian households ranging from lower middle class to middle class.
InCred is a cutting-edge financial services company that makes lending simple and rapid by utilising data science & technology.