InCred Finance, the lending arm of InCred Group, has successfully raised ₹500 crore in its Series D funding round, achieving unicorn status with a valuation of approximately ₹8,800 crore or $1.05 billion.
The funding, which makes InCred the second startup to join the unicorn club in 2023 after Zepto, involved participation from global private equity funds, corporate treasuries, family offices, and high-net-worth individuals.
This development follows InCred's merger with KKR's local non-banking finance arm 16 months ago. The company, led by founder and group CEO Bhupinder Singh, plans to utilize the capital in its core business areas such as consumer loans, student loans, and MSME lending.
InCred, established in 2016 as a tech-enabled lending platform, manages a loan book of ₹7,500 crore and aspires to be integral to every Indian family's financial goals. The company envisions a future IPO to unlock substantial value for its shareholders.
Notable investors in InCred include Investcorp, Oaks Asset Management, Moore Capital, Elevar Equity, Ranjan Pai of the Manipal Group, and Gaurav Dalmia, the founding chairman of Landmark Holdings (Dalmia Group).
InCred operates within the broader InCred Group, which encompasses wealth and asset management, investment banking (InCred Capital), and retail bonds and alternative investments (InCred Money).