InCred raises ₹500 crore, propelling India’s second unicorn of 2023

With a worth of more than $1 billion, InCred is now the nation’s newest unicorn. At a $1.04 billion value, it raised $60 million before accomplishing the accomplishment. After Zepto, this is the second unicorn of the year.

With a 9 million dollar investment, Ranjan Pai of MEMG led the 60 million dollar (about ₹500 crore) round.

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The RP Group of Companies chairman, Ravi Pillai, contributed an additional 5.4 million dollars.

A 1.2 million dollar investment was made by Ram Nayak, Head of Fixed Income and Currencies at Deutsche Bank and Global Co-Head of the Investment Bank.

According to the company, the funds will be utilized to expand fintech’s business verticals, which include MSME lending, student loans, and consumer loans.

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Several wealthy people’s family offices took part in the round. According to PTI, institutional investors including Sattva Group and Varanium Capital Advisors took part in the round as well.

“With this funding, we reach a major turning point in our path and become Unicorns. We sincerely appreciate all of the tremendous support that our investors have given us. The CEO of InCred, Bhupinder Singh, stated, “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.”

Zepto is the only other firm to reach a unicorn valuation this year amidst a fundraising freeze. The fast-food firm got further funding in August, valuing it at $1.4 billion.