Debt financing
Fintech unicorn InCred Finance raises $30-M led by Neo Group
Fintech unicorn Incred Finance has raised INR 258 crore (around USD 30 million) from a clutch of investors, led by wealth and asset management firm Neo Group, in multiple tranches by issuing a cumulative 25,800 non-convertible debentures (NCDs) having a face value of INR 1 lakh.Neo Group invested INR 50 crore through its arms Neo Asset Management and Neo Markets Services in the company. InCred’s wealth division InCred Wealth and investment banking arm InCred Capital also participated in the round, contributing INR 25 crore each, and the remaining amount was invested by MAS Financial Services, CredAvenue Securities, angel investors and cooperative banks.Founded in 2016 by Bhupinder Singh, InCred Group operates in the BFSI (banking, financial services and insurance) sector through lending arm InCred Finance, wealth and asset management vertical InCred Capital, and B2C and B2B2C digital investment distribution platform InCred Money. In 2022, InCred Finance merged with KKR India Financial Services.InCred Finance’s consolidated net profit more than doubled to INR 316.3 crore in the financial year 2023-24 (FY24) from INR 120.9 crore in the previous year. Operating revenue zoomed 47% to INR 1,270 crore during the year under review from INR 864.6 crore in FY23.
Between Aug 2016 and Nov 2023, InCred Finance had attracted about USD 240 M from Ranjan Pai, Paragon Partners, OAKS, Ascent Capital, Moore Strategic Ventures, Elevar Equity.
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