Non-banking financial company InCred Monday said it has raised Rs 600 crore from a clutch of investors led by Dutch development finance institution FMO.
The series A funding round raised Rs 600 crore for InCred and witnessed the participation of US-based asset manager Moore Capital, India/Latin America-focused PE fund Elevar, and Alpha Capital, the company said in a release.
The latest funding round will increase the total equity capital of the company to over 1,000 crores, InCred said.
"The NBFC plans to use this capital to boost its balance sheet lending, as well as in making further investments in technology initiatives to drive analytics and risk management capabilities," it said.
The company said it already has a strong business footprint across more than 20 cities in India and envisages deeper penetration in these markets, while also expanding to a number of tier 3 cities.
"Urban migration, increasing disposable incomes, and digitisation has brought India close to the tipping point of rapid growth in financial services. This will create a massive gap between the demand and supply of credit across all strata of society," InCred CEO and Founder Bhupinder Singh said.