InCred Hits Unicorn Milestone: $1.04B Valuation in $60M Funding Round

InCred Hits Unicorn Milestone: $1.04B Valuation in $60M Funding Round

Asif Iqbal | December 25, 2023 | 07:22 PM IST | Breaking News | Follow on Google News

InCred Hits Unicorn Milestone: $1.04B Valuation in $60M Funding Round

InCred Hits Unicorn Milestone: $1.04B Valuation in $60M Funding Round

InCred has achieved a valuation exceeding $1 billion, solidifying its status as the latest unicorn in the country. This milestone was reached following a successful funding round that garnered $60 million, valuing the company at $1.04 billion. Notably, InCred is the second unicorn of the year, following Zepto’s earlier accomplishment.

The $60 million funding round was spearheaded by Ranjan Pai of MEMG, who made a substantial investment of $9 million. Additionally, Ravi Pillai, the chairman of RP Group of Companies, contributed $5.4 million, while Ram Nayak, Global Co-Head of the Investment Bank and Head of Fixed Income & Currencies at Deutsche Bank, invested $1.2 million.

InCred has outlined plans to utilize the raised capital to expand its business verticals, particularly in areas such as consumer loans, student loans, and MSME lending. The company expressed gratitude for the robust support from various high-net-worth individuals’ family offices and institutional investors, including Varanium Capital Advisors and Sattva Group.

In a statement, Bhupinder Singh, CEO of InCred, acknowledged the significance of this funding round, stating, “This funding 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. This equity capital will help us take advantage of these opportunities, strengthen our balance sheet, and provide us with enough runway for the next couple of years of expansion.”

Notably, InCred’s achievement stands out in a challenging funding landscape, with Zepto being the only other company to attain unicorn status this year. In August, Zepto, an instant grocery startup, secured fresh funds at a valuation of $1.4 billion, showcasing resilience amid the prevailing funding dynamics.

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Asif Iqbal

Asif Iqbal is a seasoned news writer with a passion for delivering the latest updates to the public. Currently serving as the senior writer at VoM News, a prominent news outlet known for its comprehensive coverage of diverse topics, Asif has established himself as a reliable source of information. With a keen eye for detail and a knack for storytelling, he consistently provides readers with well-crafted articles that cover a wide range of news categories. His dedication to journalistic integrity and his commitment to staying ahead of the news curve make him an invaluable asset to Vom News, ensuring that readers are always well-informed on the issues that matter most. You can find his work and stay updated on current events by visiting vomnews.in.