• InCred Financial Services Ltd (InCred Finance), the lending arm of financial services firm InCred Group, has raised Rs. 500 Crore in its Series D round of funding, becoming the second startup to join the coveted ‘unicorn’ club this year.

About Incred Financial Services Ltd:

  • A former Deutsche Bank executive, Singh founded InCred Finance in 2016 as a tech-enabled lending platform.
  • InCred Group operates in the BFSI space through 3 entities – ‘InCred Finance’ in Lending, ‘InCred Capital’ in Wealth and Asset Management, Investment Banking and Equities, and ‘InCred Money’ in retail bonds and alternative investments.
  • InCred is a new-age lender offering online and offline loans to consumers, small businesses and for education. It manages a loan book of Rs. 7,500 Crore growing at a compound annual growth rate of more than 50% over the last three years.
  • Incred also counts Investcorp, Oaks Asset Management, Moore Capital, Elevar Equity, Paragon Partners, Manipal Group chairman Ranjan Pai and Gaurav Dalmia, the founding chairman of Landmark Holdings (Dalmia Group), among others, as its investors.


  • The latest round values InCred Financial at about Rs. 8,800 Crore ($1.05 Billion).
  • The company did not identify the investors, but said they include a global private equity (PE) fund, corporate treasuries, family offices and ultra-high-net-worth individuals.
  • The latest development comes 16 months after the firm completed its merger with American PE giant KKR’s local non-banking finance arm in July last year in an all-stock deal.
  • InCred Financial Services was formed by the merger of KKR India Financial Services Ltd and the erstwhile InCred Financial.
  • KKR, along with two other investors, the Teacher Retirement System of Texas and the Abu Dhabi Investment Authority, together hold a little more than a third of stake in the merged entity.
  • InCred Finance said it plans to use the capital across its core business verticals—consumer loans, student loans and MSME (micro, small and medium enterprises) lending. In September 2023, Crisil stated that as on June 30, the assets under management (AUM) mix of the company consisted of around 44% of personal loans, 18% of student loans, 9% allocated to other financial institutions, and 8% towards secured school financing, accordingly the wholesale lending book has reduced from 42% in March 2021 to around 17% in June, 2023.
  • Incred is improving overall profitability gradually and reported a net income of Rs 121 Crore supported by rise in share of higher yielding loan portfolio and minimal credit costs during FY2023, RoMA (Return on Managed Assets) for fiscal 2023 improved to 2.2% from 1.1% in fiscal 2022.


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