New Delhi
Incred, a leading fintech unicorn, has reported robust financial performance for the fiscal year 2022-23, showcasing a notable increase in profitability and revenue. The company’s financials, as disclosed to the Registrar of Companies (RoC), reveal a profit of Rs 109 crore in FY23, marking a substantial growth of more than 3.5 times compared to Rs 31 crore in FY22. Incred’s revenue also experienced significant growth, surging by 77.46% to reach Rs 866 crore in FY23, up from Rs 488 crore in the previous fiscal year. The company’s expansion and scaling of operations contributed to this impressive revenue increase. Despite the positive financial results, the finance cost, representing interest expenses, witnessed a rise of 62.6%, reaching Rs 356 crore in FY23 from Rs 219 crore in FY22. This increase is attributed to the company’s efforts to scale its operations and meet the growing demand for its services. Incred, a fintech lender, has likely built a loan book of Rs 7,500 crore within the last six years, highlighting its significant impact in the financial services sector. In late December 2023, Incred secured $60 million in funding from both new and existing investors, propelling it to unicorn status with a valuation exceeding $1.03 billion. The funding round was led by InCred Wealth, the wealth management subsidiary of InCred, and included contributions from various investors, including Ravi Pillai, Chairman at RP Group of Companies, and Ram Nayak, Co-Head of Deutsche Bank. InCred’s strategic partnership with Zomato for hassle-free credit facilities in 2022 further solidifies its position in the fintech space, showcasing its commitment to providing innovative financial solutions. The positive financial performance and continued investment highlight Incred’s resilience and growth potential in the dynamic fintech landscape.
