“InCred Emerges as India’s Second Unicorn in 2023 with ₹500 Crore Fundraise”
India witnesses the emergence of its second unicorn of the year as financial technology firm InCred secures a valuation surpassing $1 billion, following a successful funding round that amassed $60 million (approximately ₹500 crore).
India witnesses the emergence of its second unicorn of the year as financial technology firm InCred secures a valuation surpassing $1 billion, following a successful funding round that amassed $60 million (approximately ₹500 crore).
The achievement marks a significant milestone for InCred, propelling it into the coveted unicorn league. This valuation hike ensued after the company raised $60 million at a valuation of $1.04 billion, positioning it as the country’s latest unicorn after Zepto’s earlier attainment.
The funding round was led by Ranjan Pai of MEMG, contributing $9 million, with Ravi Pillai, Chairman of RP Group of Companies, investing $5.4 million. Additionally, Ram Nayak, Global Co-Head of the Investment Bank and Head of Fixed Income & Currencies at Deutsche Bank, injected $1.2 million into the endeavor.
InCred announced the strategic allocation of these funds to fuel the growth of its business verticals, primarily focusing on expanding consumer loans, student loans, and Micro, Small & Medium Enterprises (MSME) lending domains.
The funding round saw active participation from several high-net-worth individual family offices, along with Varanium Capital Advisors and Sattva Group as notable institutional investors, according to PTI reports.
Expressing gratitude for the overwhelming investor support, InCred CEO Bhupinder Singh highlighted the milestone as a crucial juncture in the company’s trajectory. Singh remarked, “This funding marks a significant milestone in our journey and takes us into the ranks of Unicorns. We are deeply grateful for the overwhelming support our investors have shown.”
Amidst a challenging funding landscape, InCred’s unicorn status stands alongside Zepto, the sole achiever of such valuation this year. Zepto, an instant grocery startup, secured a valuation of $1.4 billion in August through fresh funding amidst the funding constraints prevailing in the market.
The attainment of unicorn status by InCred symbolizes a notable achievement in India’s financial technology landscape, positioning the company for robust expansion and reinforcing its commitment to pioneering advancements in the fintech sector.
Sources By Agencies
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