Recently InCred, an Indian low key loan fintech startup made announcement regarding its raising of a fund of US$75 million which instantly made it India’s largest fintech round this year so far.
InCred is a non banking finance company and have got approval from Reserve Bank of India for lending money. However, InCred is yet to launch its product and its website comes with a tagline of “something incredible is about to happen here”. It will work in the field of providing small and medium business loans, mortgage loans and education loans. It has also initiated its hiring process through RecruiterBox for certain mid to senior level job profiles.
The team of InCred includes big names like Anshuman Jain, the former co chief executive of Deustche Bank. He has invested around US$7.5 million in this startup. In addition, Ranjan R Pai, the managing director of the Manipal group is also a part of the InCred board group. Also, Bhupinder Singh, the head of the company has also invested an amount of US$22 million in it. Moreover, Chairman of the landmark holdings, Gaurav Dalmia has done an investment of US$7.5 million with the startup too. The educational section of InCred will be monitored by Prashant Bhonsle who was earlier the country head of Credila. Apart from them, Alpha capital, private equity money from IDFC Bank and few others are also a part of this incredible team of financial experts.
InCred has also acquired InstaPaisa, a platform which helps individuals to get in contact with institutional investors like banks, hedge funds as well as insurance companies. The CEO of InstaPaisa, Nikhil Sama will also be a part of the InCred team.
There are around 1.5 million of small, medium businesses and micro entrepreneurs who want to expand and funding them could be a big opportunity for InCred. It plans to target such SMB’s who can easily get loans from them at cheaper rates. Sound knowledge of financial knows how and a good amount of working capital is the strategy InCred is working with to excel in this field.