New Delhi
Fintech lender InCred has achieved unicorn status, becoming India’s second unicorn this year after raising $60 million from both new and existing investors. InCred Wealth, the wealth management subsidiary of InCred, led the funding round with an investment of $36.76 million, followed by MEMG Family Office at $9 million. Ravi Pillai, Chairman at RP Group of Companies, and Ram Nayak, Co-Head of Deutsche Bank, also participated with investments of $5.4 million and $1.2 million, respectively. InCred Special Opportunities Fund VCC, Singapore-registered entity of InCred, Varanium Capital Advisors, and NABS Vriddhii were also part of the funding round. This funding brings InCred’s valuation to $1.03 billion. InCred, which last raised $68 million in a debt funding round, experienced a 77.4% growth in operating scale to Rs 865.6 crore during FY23 compared to Rs 488 crore in FY22. The company offers a diverse product portfolio, including SME loans (working capital loans, term loans, and channel finance), personal loans (wedding, medical, and travel loans), and education loans. The emergence of InCred as a unicorn in 2023 is notable as the funding in India’s tech startup ecosystem for the year has seen a significant decline of 72%, reaching $7 billion until December 5, compared to $25 billion in the previous year. This decline is observed across all stages, with late-stage funding dropping over 73%, followed by early-stage funding (70%) and seed-stage funding (60%).
