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Exclusive: InCred turns unicorn after raising $60 Mn


Fintech firm InCred has finally turned unicorn after raising $60 million in a Series D round from new and existing investors. It has become the second company after Zepto to gain the unicorn status this year.

In November, the Mumbai-based non banking finance company (NBFC) said that it has received commitment from investors to raise Rs 500 crore. However, it did not disclose the exact valuation and name of the investors participating in the round.

The board at InCred has passed a special resolution to issue 3,70,37,037 equity shares at a face value of Rs 10 per share and at a premium of Rs 125 per share for a consideration of Rs 500 crore, as per the company’s regulatory forms filed with the Registrar of Companies.

The equity round was led by Ranjan Pai of MEMG who invested $9 million followed by Ravi Pillai, Chairman at RP Group of Companies, and Ram Nayak, Global Co-Head of the Investment Bank and Head of Fixed Income & Currencies at Deutsche Bank, who invested $5.4 million and $1.2 million, respectively. The fundraise also saw participation from several large ultra high-networth individuals and Family Offices, as well as institutional investors like Varanium Capital Advisors and Sattva Group.

Following the fresh capital infusion, InCred has been valued at $1.03 billion, as per startup intelligence platform TheKredible.

Post-allotment of the round, KKR India Financial Investments stands as the largest stakeholder in the company with 31.5% shares followed by B Singh Holdings which owns 17.2%. MEMG Family Office acquired 0.87% stakes in the company. Visit here for more details.


The firm last raised Rs 500 crore ($68 million then) in a debt funding round from a clutch of public sector banks and public financial institutions.

InCred has registered 77.4% growth in operating scale to Rs 865.6 crore during the last fiscal (FY23) as compared to Rs 488 crore in FY22. As per TheKredible, the company’s profits also jumped 3.5X to Rs 109 crore in FY23 from Rs 30.8 crore in FY22.

In H1 FY24, the company reported profit before tax of Rs 170 crore.

Last month, the Bhupinder Singh-led firm also passed a resolution to enter insurance business. Entrackr exclusively reported the development.

In August, Quick commerce platform Zepto raised $200 million to become the first unicorn of 2023. Interestingly, 2022 and 2021 saw 26 and 44 startups becoming unicorns, respectively.

Update [7 PM, Dec 25]: The story has been updated to reflect that UHNI clients and family offices have invested through InCred Wealth in this round.

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