 "Incred")
Fintech firm InCred on Monday announced the list of investors who infused Rs 500 crore in the company, effectively valuing it at $1.04 billion.
The company announced its commitment to secure the funding last month, making it the second unicorn this year following Zepto's entry into the $1-billion club in August this year.
The latest Series D funding round saw the participation of investors such as Ranjan Pai of Manipal Education and Medical Group (MEMG), who invested $9 million, followed by Ravi Pillai of RP Group of Companies, who infused $5.4 million in the company.
Ram Nayak, Global Co-Head of the Investment Bank and Head of Fixed Income and Currencies at Deutsche Bank, invested $1.2 million in the funding round.
The round saw participation from ultra-high-net-worth individuals (HNIs), Family Offices, and institutional investors such as Varanium Capital Advisors and Sattva Group.
The company will deploy the amount raised across its core business verticals, such as consumer loans, student loans, and MSME (micro, small and medium enterprises) lending.
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The company said it has built a loan book worth Rs 7,500 crore while posting a Profit Before Tax (PBT) of Rs 203 crore, up from Rs 42 crore in Financial Year 22 (FY22).
"This funding marks a significant milestone in our journey and takes us into the ranks of unicorns. We are deeply grateful for the overwhelming support our investors have shown. This equity capital will help us take advantage of these opportunities, strengthen our balance sheet and provide us with enough runway for the next couple of years of expansion," said Bhupinder Singh, Founder & Group Chief Executive Officer of InCred.
