InCred to join the unicorn club soon: Here's how
InCred Holdings Limited, the holding company of InCred Financial Services Limited, revealed that it has received commitments amounting to Rs. 500 crore in its Series D funding round. This achievement positions it to join the ranks of Indian unicorns. A diverse group of investors participated in the equity round, including a global private equity fund, corporate treasuries, family offices, and UHNIs. InCred Group expressed its appreciation for the strong backing from the investment community in a statement.
Funding will be strategically allocated across core business verticals
The Rs. 500 crore equity capital will be strategically allocated across InCred's three primary business segments: consumer loans, student loans, and MSME lending. InCred Holdings pointed out that the Indian student loan market has doubled due to a spike in US student visas issued to Indians over the past two years. Moreover, the MSME sector is witnessing substantial growth, especially in the secured LAP market across the country.
Consumer lending industry is thriving
InCred Holdings observed that the consumer lending sector is reaping the benefits of robust demand fueled by both overall economic expansion and the festive season surge. Bhupinder Singh, Founder and Group CEO of InCred, stated, "This funding commitment marks a significant milestone in our journey and takes us into the ranks of unicorns." He added that InCred's 'Risk First' approach, advanced technology, and top-tier management team position the company for continued growth in the coming years.
InCred has plans for future growth and eventual listing
Singh underscored InCred's objective to become an integral part of every Indian family's financial aspirations, reflecting the impressive growth of the Indian economy. He also discussed plans to eventually take the company public, unlocking considerable value for all shareholders. This equity fundraising follows InCred Financial Services' announcement last month of its intention to raise up to Rs. 300 crore through a public issuance of non-convertible debentures.
