Fintech unicorn InCred posts 1,267 Cr revenue and Rs 316 Cr PAT in FY24

Fintech firm InCred scaled 2.6X during the last two fiscal years as its revenue rose to Rs 1,267 crore in FY24 from Rs 488 crore in FY22. Moreover, its profit spiked over 10X in the same period.

InCred’s revenue from operations grew 48% to Rs 1,267 crore in FY24 from Rs 856 crore in FY23, its financial statements accessed from the company’s website show. 

However, the eight years old firm's  net operating revenue (adjusted for finance cost) spiked 61% to Rs. 838 crore in FY24

Founded by Bhupinder Singh, InCred offers loans to businesses and consumers including home, education, personal, and two-wheeler loans. Interest received from the loan disbursement formed 94% of the total operating revenue which increased 45% to Rs 1,193 crore in FY24.

Revenue Breakdown

FY23

Total ₹ 856 Cr

FY24

Total ₹ 1

To check complete Revenue Breakdown visit thekredible.comView full data

Fees, commissions, and dividends were other revenue drivers for InCred. The Mumbai-based company also made Rs 26 crore from other income, tallying its total revenue to Rs 1,293 crore in FY24.

For the fintech firm, finance cost accounted for 52% of the overall expenditure which increased by 27.8% to Rs 455 crore in FY24. The company hired aggressively to keep up with the growth in FY24 which was evident from its 35.9% growth in employee benefits expenses.

Depreciation along with legal, advertising, traveling, and other expenses took the firm’s overall cost up by 37.4% to Rs 871 crore in FY24 from Rs 634 crore in FY23.

Expenses Breakdown

FY23

Total ₹ 634 Cr

FY24

Total ₹ 871 Cr

• Finance cost

• Employee benefits

• Others

To check complete Expense Breakdown visit thekredible.comView full data

The decent growth in scale and controlled cost mechanism helped InCred post 2.6X growth in profits to Rs 316 crore in FY24 from Rs 121 crore in FY23. Its ROCE and EBITDA margin improved to 5% and 34%, respectively. On a unit level, it spent Rs 0.69 to earn a rupee in FY24.

InCred turned unicorn after a $60 million funding led by Ranjan Pai’s MEMG Fund in December last year. Entrackr exclusively reported the development. According to the startup data intelligence platform TheKredible, KKR is the largest external stakeholder with 31.5% followed by B Singh Holding.

Head to TheKredible for the complete shareholding pattern.

During FY24, InCred had total financial assets worth Rs 8,120 crore which included Rs 173 crore of cash and bank balances. Its enterprise value to revenue multiple stood at 6.7X in FY24.

FY23-FY24

	FY23	FY24
EBITDA Margin	25%	34%
Expense/₹ of Op Revenue	₹0.74	₹0.69
ROCE	3%	5%

InCred has done well to carve out its own space in a crowded market, and seems set to emerge as one of the more resilient firms in the space. Its record should enable access to more funding, especially debt funding that could be used to expand its balance sheet. Founder Singh has done more than enough to validate his premise of a strong market being missed by banks and many other financial institutions. The key issue is whether the future of the firm post its significant stake sale to KKR, considering how large conglomerates are on the prowl for healthy, well-established financial firms.