InCred Finance, the lending arm of financial services provider InCred Group, said Thursday it has raised Rs 500 crore ($60 million) in its Series D round of funding.
The round pushed the company into the ‘unicorn’ club, or privately held companies with a valuation of $1 billion, InCred said in a statement. It didn’t specify the exact valuation but people familiar with the matter pegged it around Rs 8,800 crore ($1.05 billion).
InCred Finance, operated by InCred Financial Services Ltd, is the second Indian company to attain unicorn valuations, after quick commerce firm Zepto in August.
The company did not disclose the name of its investors, but said its backers include a global private equity fund, corporate treasuries, family offices, and ultra-wealthy individuals.
The development comes 16 months after the company completed its merger with the Indian non-banking finance company of American private equity giant KKR through an all-stock deal.
InCred Financial Services was formed by the merger of KKR India Financial Services Ltd and the erstwhile Incred Financial. KKR, along with Teacher Retirement System of Texas and Abu Dhabi Investment Authority (ADIA), together hold a little more than a third of the merged entity.
InCred Finance said it plans to use the fresh capital across its core business verticals: consumer loans, student loans, and MSME lending.
“This funding commitment marks a significant milestone in our journey and takes us into the ranks of unicorns,” said Bhupinder Singh, founder and group CEO of InCred.
“Our goal is to make InCred a central part of every Indian family's financial aspirations, and to eventually list the business unlocking significant value for all our shareholders," he added.
A former Deutsche Bank executive, Singh founded InCred Finance in 2016 as a tech-enabled lending platform. The company manages a loan book of Rs 7,500 crore.
The firm is a part of larger InCred Group, which also has businesses spanning wealth and asset management, investment banking arm ‘InCred Capital’, and retail bonds and alternative investments arm ‘InCred Money’.
