InCred, the financial technology company, has achieved a valuation of over $1 billion, marking its position as the latest unicorn in India. This significant feat follows a funding round where InCred raised $60 million at a valuation of $1.04 billion, making it the second unicorn of the year after Zepto.
The funding round, led by Ranjan Pai of MEMG, saw key investments, including $9 million from Ranjan Pai, $5.4 million from Ravi Pillai, the chairman of RP Group of Companies, and $1.2 million from Ram Nayak, Global Co-Head of the Investment Bank at Deutsche Bank.
InCred plans to utilize the funds to expand its business verticals, focusing on consumer loans, student loans, and MSME lending. The company aims to strengthen its balance sheet and create a substantial runway for future expansions over the next few years.
Bhupinder Singh, CEO of InCred, expressed gratitude for the overwhelming support from investors, stating, “This equity capital will help us take advantage of these opportunities, strengthen our balance sheet and provide us with enough runway for the next couple of years of expansion.”
Notably, InCred becomes the second unicorn in 2023, succeeding Zepto, which achieved a unicorn valuation of $1.4 billion in August. Despite the challenges posed by a funding winter, these two companies have stood out in India’s dynamic business landscape.
