InCred secures Rs 31.4 Cr in debt financing

Consumer and small and medium enterprises (SMEs) focused digital lending app InCred has raised Rs 31.4 crore in its second round of debt financing.

The RoC filings have revealed that the Mumbai-based non-banking finance company (NBFC) has issued 314 market-linked Non-Convertible Debentures (NCD's) to 47 allottees at par face value of Rs 10,00,000 each in two different tranches to raise a total debt of Rs 31.4 crore during the past 10 days. 

The list of allottees who have participated in this round includes Vishal Arvind Kapoor, Pushpak Credit & Fiscal, Sanjay Gupta, StarWorld Wide Group, Shri Investments, Srinivasan Seshadrinathan, and Kamlesh Ohri among others.

The new debt funding for InCred has come around 20 days after the company raised Rs 15 crore debt funding by issuing 150 NCDs of Rs 10,00,000 each.

Seven months ago, it had also secured about $58 million in an equity round led by the Netherlands Development Finance Company (NDFC).

For the uninitiated, InCred offers loans to businesses as well as consumers. Its portfolio covers home, education, personal and two-wheelers loans, among others for consumers.

Founded by Bhupinder Singh in 2016, InCred partners with online and offline platforms to leverage business data for consumer lending. It counts IndiaLends, Capitalfloat and Lendingkart among other competitors.

Financially, the firm had performed brilliantly in FY18. It recorded a 55X jump in consolidated revenue, to Rs 132.44 crore in FY18 from Rs 2.41 crore in the previous fiscal.

InCred had recorded Rs 9.38 crore in profit in the last fiscal. The fintech firm is yet to file its annual financial statements for FY18-19.

Of late, InCred was also in the news with its Founder and CEO Bhupinder Singh receiving the second-highest salary in the startup ecosystem. The managerial remuneration for Singh was set at Rs 4 crore plus other benefits.