Funding · Financial Services

InCred turns unicorn after Series D round

By Startup Enthusiast · 25 December 2023

What they do

InCred is a Mumbai-based non-banking finance company (NBFC) that lends to individuals and businesses

It raised Rs 500 crore ($60M) in Series D funding led by Ranjan Pai (MEMG), reaching a $1.03B valuation

The company became the second unicorn of 2023, after Zepto, and plans to enter the insurance business

InCred raised Rs 500 crore ($60M) in a Series D funding round.
The round was led by Ranjan Pai (MEMG Family Office) with $9M.
Other investors included Ravi Pillai ($5.4M), Ram Nayak ($1.2M), and ultra high-net-worth individuals.
Varanium Capital Advisors and Sattva Group also participated.
The round valued InCred at $1.03 billion, making it a unicorn.
Post-allotment, KKR India Financial Investments holds the largest stake at 31.5%.
B Singh Holdings is the second largest stakeholder with 17.2%.
The company's board passed a resolution to enter the insurance business.

InCred is a non-banking finance company (NBFC) based in Mumbai.
It reported operating revenue of Rs 865.6 crore in FY23, up 77.4% from Rs 488 crore in FY22.
It posted a profit of Rs 109 crore in FY23, up from Rs 30.8 crore in FY22.
Profit before tax for the first half of FY24 was Rs 170 crore.

Ranjan Pai (MEMG) (lead) — Family office of Ranjan Pai, a prominent Indian investor.
Ravi Pillai (participated) — Chairman of RP Group of Companies.
Ram Nayak (participated) — Global Co-Head of Investment Bank & Head of Fixed Income & Currencies at Deutsche Bank.
Varanium Capital Advisors (participated) — An investment advisory firm.
Sattva Group (participated) — A business group.
KKR India Financial Investments (existing) — Largest stakeholder post-allotment with 31.5% stake.
B Singh Holdings (existing) — Second largest stakeholder with 17.2% stake.