The company’s wealth division—Incred Wealth led the round with an infusion of $36.76 million along with participation from Ranjan Pai of MEMG Family Office who has invested $9 million and a clutch of high networth individuals like Ravi Pillai, chairman of RP Group and Ram Nayak, cohead of Deutsche Bank who have invested $5.4 million and $1.2 million respectively.
In addition, the round also saw participation from Varanium Capital Advisors and Sattva Group.
On November 9, ET reported that the Mumbai-based non-banking lending company aimed to raise Rs 500 crore ($60 million approx.) in a fresh round of funding from a clutch of investors, including corporate treasuries, global private equity funds, family offices and ultra-high-net worth individuals.
“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.
In 2022, InCred Finance and KKR India Financial Services merged to create a joint entity under the brand name InCred Finance.
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The company further said that the equity capital will be deployed across its core business verticals including consumer loans, student loans, and micro, small and medium enterprises (MSME) lending.
InCred Finance further said that it has developed a loan portfolio of Rs 7,500 crore in six years, demonstrating a compound annual growth rate of over 50% over the past three years.
During the first half of the current fiscal year, the company achieved a pre-tax profit of around Rs 170 crore.
