InCred secures $59m in Series D round, set to enter Unicorn Club

By Gloria Mathias

InCred, a new-age financial services company, has secured commitments totalling INR 500 crore ($59 million) in its latest round of equity funding, positioning the company to join the ranks of Indian unicorns after the closure of its Series D fundraise.

The equity round garnered interest from various investors, including a global Private Equity Fund, Corporate Treasuries, Family Offices, and UHNIs, showcasing overwhelming support from the investor community.

The equity capital of INR 500 Crores will be strategically deployed across InCred’s core business verticals: Consumer loans, Student loans, and MSME lending, all three of which have seen growth.

The market for student loans in India has surged, driven by the doubling of US student visas issued to Indians from 50,000 to 100,000 over the past two years. The MSME business is seeing substantial growth, particularly in the secured LAP market nationwide. Finally, the consumer lending business is benefiting from healthy demand driven by overall economic growth as well as the usual festive season boost.

Bhupinder Singh, Founder & Group CEO of InCred, shared, “This funding commitment 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. With our ‘Risk First’ approach, cutting-edge technology, and class-leading management team, we are wellpositioned for sustained growth in the business over the years to come. Our goal is to make InCred a central part of every Indian family’s financial aspiration, in line with the powerful growth seen by the Indian economy, and to eventually list the business unlocking significant value for all our shareholders.”

The company’s growth has been driven by InCred’s commitment to ensuring that all lending and business growth decisions are guided by its strong risk-processes and proprietary risk models powered by its in-house tech engine, which is omnipresent across the entire product value chain. This approach, combined with a management team boasting deep domain expertise, has solidified InCred’s position in the industry.