InCred, the Mumbai-based fintech firm, has achieved unicorn status with a $60 million Series D round, becoming the second company to do so this year after Zepto. The funding included investors like Ranjan Pai, Ravi Pillai, and Ram Nayak, with significant participation from ultra high-net-worth individuals, family offices, and institutions like Varanium Capital Advisors and Sattva Group. The special resolution involved issuing 3,70,37,037 equity shares at a face value of Rs 10 per share and a premium of Rs 125 per share for a total of Rs 500 crore.
Post-funding, InCred’s valuation stands at $1.03 billion. KKR India Financial Investments now holds the largest stake at 31.5%, followed by B Singh Holdings at 17.2%. In the last fiscal year, InCred reported a 77.4% growth in operating scale to Rs 865.6 crore, with profits surging 3.5X to Rs 109 crore. This follows a previous debt funding round of Rs 500 crore. The news comes amid InCred’s commitment to raising Rs 500 crore, maintaining a trajectory of robust financial performance.
That’s amazing news about InCred! They’ve secured unicorn status with $60 million in Series D funding. It’s great to see fintech companies like InCred making such significant strides in the industry.
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