Fintech startup InCred has turned out to be a Unicorn after raising $60 Million in a series D funding round. The funding round saw participation from new and existing investors. With its latest capital retention, InCred has now marked the valuation of $ 1.04 billion.
The firm has now gained the second unicorn this year after the quick commerce platform Zepto won, said by the company.
Funding Round saw several big investment names
The equity round was led by Ranjan Pai, Head of MEMG who has invested $9 Mn, Ravi Pillai, Chairman at RP Group of Companies, and Ram Nayak, Global Co-Head of the Investment Bank and Head of Fixed Income & Currencies at Deutsche Bank, invested $5.4 million and $1.2 million, respectively.
The fundraising round also mentions participation from other big names and ultra high-networth individuals and Family Offices, some institutional investors such as Varanium Capital Advisors and Sattva Group.
According to the company’s regulatory form filled up with Registers of companies, the board of InCred has recently exposed a valuable resolution to issue 3,70,37,037 equity shares at a face value of Rs 10 per share and at premium shares of Rs 125 per share for a stretching of Rs 500 crore.
As per firm’s release, it has lastly raised up 500 crore (approx $68 million then) in a debt series funding round from a cluster of public sector banks and public financial institutions.
Fresh capital to utilise in Company’s main verticals
The freshly gained capital would strategically channelize to InCred’s core business verticals like Consumer Loan, Msme loan, student loan. All the three verticals saw equal growth. Additionally, the capital will help to strengthen the balance sheet and will unfold enough runway for expansion for over two years as per the statement of CEO Bhupinder Singh.
Upon achieving the biggest milestone , the company shared its gratefulness towards the investors for overwhelming support.
About the InCred Venture
InCred is a financial wing of InCred Holdings Pvt. limited, founded in 2016. Last year InCred merged with KKR India’s financial unit. The group also handles InCred Capital designed for wealth and asset management, investment banking and equities and InCred Money dedicated for retail bonds and alternative investments.
