InCred set to secure Rs 500 crore in equity funding from a clutch of investors, join unicorn club
InCred Financial Services is set to raise Rs 500 crore ($60 million) in a fresh round of funding from a clutch of investors, including corporate treasuries, global private equity funds, family offices and ultra-high-networth individuals.
In a release issued on Thursday, the lending company said that it has already received the full commitment and post the closure of the round, will achieve a valuation of a billion dollars, thereby entering the unicorn club. The release, however, did not name any of the investors.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Digital TransformationVisitNorthwestern UniversityKellogg Post Graduate Certificate in Product ManagementVisitIIM KozhikodeIIMK Advanced Data Science For ManagersVisit“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, InCred.
Singh, a banking veteran, promoted InCred in 2016. He counts on a bunch of senior finance professionals to run the business. Senior risk professional Krishna Bahety is the chief risk officer, while ex-banker Prithvi Chandrasekhar is CEO of its consumer lending vertical, and Vivek Bansal, who was previously deputy CFO at Yes Bank, is CFO.
In 2022, InCred Finance and KKR India Financial Services merged to create a joint entity under the brand name InCred Finance.
What the funds will be used for
The funds raised in the latest
