InCred has crossed the coveted threshold of a billion-dollar valuation, securing its position as the latest unicorn in the country. This achievement follows a successful funding round that amassed $60 million, propelling the company’s valuation to $1.04 billion. Notably, InCred joins the unicorn club as the second member this year, following the e-commerce platform Zepto.
Funding Leadership: Ranjan Pai’s Key Role in Securing $60 Million for InCred’s Strategic Expansion
Ranjan Pai from MEMG spearheaded the funding round, amassing $60 million, roughly equal to ₹500 crore. He contributed $9 million, and Ravi Pillai, the chairman of RP Group of Companies, infused $5.4 million into the venture. Additionally, Ram Nayak, who holds the positions of Global Co-Head of the Investment Bank and Head of Fixed Income & Currencies at Deutsche Bank, joined in with an investment totaling $1.2 million..
These funds are earmarked for the expansion of InCred’s business verticals, including consumer loans, student loans, and MSME lending. The participation in the funding round extended beyond high-net-worth family offices, involving institutional investors such as Varanium Capital Advisors and Sattva Group.
InCred’s Strategic Growth and Unicorn Status: A Grateful Acknowledgment and Financial Milestones
In expressing gratitude for the support, InCred CEO Bhupinder Singh highlighted the significance of the funding, stating that it positions the company as a unicorn and provides the necessary capital to leverage opportunities, fortify the balance sheet, and fuel expansion for the next couple of years.
In the year 2022, InCred Finance and KKR India Financial Services joined forces to create a collaborative entity operating under the InCred Finance brand. The raised equity capital will be carefully distributed among key business segments, such as consumer loans, student loans, and MSME lending. InCred Finance emphasized its achievement of constructing a loan portfolio amounting to ₹7,500 crore over six years, showcasing an impressive compound annual growth rate exceeding 50% in the past three years.
Despite the challenging funding landscape, InCred stands out as the second company this year to achieve unicorn status, following Zepto, an on-demand grocery startup that secured additional funding in August, elevating its valuation to an impressive $1.4 billion.
