InCred Financial Services Ltd. became a unicorn after it raised Rs 500 crore via equity in its latest round of Series D funding.
The equity fundraise round received interest from a global private equity fund, corporate treasuries, family offices and UHNIs, according to the company statement.
The company plans to deploy these funds across InCred's core business verticals. These include consumer loans, student loans and MSME lending.
This comes after the Oct. 13 announcement, when the company planned to raise up to Rs 300 crore through the public issue of non-convertible debentures.
InCred Finance is the holding company of InCred Holdings Ltd., founded in 2016.
In six years, the company has built a loan book of approximately Rs 7,500 crore. Over the last three years, it has built a growth CAGR of approximately 50%. The pre-tax return on assets in H1FY24 was at 5+%, and the profit before tax was at approx. Rs 170 crore, according to the statement.
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