29 April 2019, India:
InCred has raised ₹600 Crores in Series A round of funding. The funding round was led by Dutch development finance institution FMO.
US-based asset manager Moore Capital, India/Latin America-focused PE fund Elevar, and Alpha Capital also participated in the funding round.
The company will use the fresh capital to boost its balance sheet lending, as well as in making further investments in technology initiatives to drive analytics and risk management capabilities.
The latest funding round will increase the total equity capital of the company to over 1,000 crores.
Bhupinder Singh, Founder and CEO, InCred, said, “Urban migration, increasing disposable incomes, and digitization 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.”
Bhupinder Singh, added, “Financial institutions that can use technology to deliver innovative products with quality customer experience are best placed to serve this gap. Key to long term success will be laser-sharp focus on risk management through a combination of analytics and traditional underwriting. InCred has demonstrated all of this in its first phase of existence and will now take it to the next level with its new equity partners.”
This is the first funding round of InCred since 2016 when it raised ₹550 crores from Bhupinder Singh (Founder and CEO, InCred), Anshu Jain (former Co-CEO, Deutsch Bank), Dr. Ranjan Pai (MD and CEO, Manipal Group), Gaurav Dalmia (Chairman, Dalmia Group Holdings), and Alpha Capital (one of its current investors) alongside others.
InCred already has a 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.
(Image – InCred)