InCred Financial Services Ltd, known as InCred Finance and part of the InCred Group, has recently secured ₹500 crore in a Series D funding round. This significant investment propels the company into the exclusive unicorn club, with a valuation of approximately ₹8,800 crore or $1.05 billion. The identity of the investors remains undisclosed; however, they are known to include a prominent global private equity fund, corporate treasuries, family offices, and high-net-worth individuals.
This achievement follows InCred Finance’s merger 16 months ago with KKR India Financial Services Ltd, the Indian non-banking finance branch of American private equity giant KKR, in an all-stock deal. Post-merger, the entity, now known as InCred Financial Services, has key stakeholders including KKR, the Teacher Retirement System of Texas, and the Abu Dhabi Investment Authority, collectively holding over a third of the entity’s stake.
InCred Finance plans to allocate this fresh capital towards enhancing its primary business areas, which include consumer loans, student loans, and lending to micro, small, and medium enterprises (MSMEs). Bhupinder Singh, the founder and group CEO, emphasized this funding as a pivotal moment in their trajectory, ushering InCred Finance into the league of unicorns. He envisions InCred as a pivotal player in fulfilling Indian families’ financial goals, with plans to list the company, thereby generating substantial value for shareholders.
Founded in 2016 by Bhupinder Singh, a former Deutsche Bank executive, InCred Finance started as a technology-driven lending platform. It has attracted diverse investors like Investcorp, Oaks Asset Management, Moore Capital, Elevar Equity, Paragon Partners, Ranjan Pai (Chairman of Manipal Group), and Gaurav Dalmia (founding chairman of Landmark Holdings, Dalmia Group).
InCred distinguishes itself as a modern lender, offering a mix of online and offline loans to individuals, small businesses, and educational purposes. The company currently oversees a loan portfolio worth ₹7,500 crore. In addition to its lending services, InCred Group encompasses operations in wealth and asset management, investment banking through InCred Capital, and retail bonds and alternative investments via InCred Money.”
