InCred raised $58.2 million (Rs 406.63 crore) equity round led by Netherlands Development Finance Company (NDFC).
InCred has till now raised 133 million across debt and equity rounds.
InCred revenue enhances by 55 times in Financial Year 2018.
Consumer and small and medium enterprises (SMEs) concentric digital lending app – InCred has raised $58.2 million (Rs 406.63 crore) in equity round led by Netherlands Development Finance Company (NDFC). Among the participants in the funding round were Moore Strategic Ventures, V Ocean Investments, Vistra ITCL (Debenture Trustee India) and Alpha Capital.
According to RoC filings, V Oceans poured in Rs 10.88 crore, Vistra has invested Rs. 51.75 Crore, Moore has invested Rs 69 crore and Alpha Capital has invested around Rs 30 crore in the funding round. InCred provides loans to businesses as well as consumers. Its portfolio of services covers education, home, personal and two-wheelers loans among others for consumers.
InCred was founded by Bhupinder Singh. The firm was also in talks with Abu Dhabi Investment Authority, Naspers and Advent International for Rs 1,000 crore investments against equity. Still, the deal is pending. InCred had also issued Equity shares worth Rs 1.4 crores to Rahul Dravid for his endorsement services in June last year. The company has till now raised 133 million across debt and equity rounds. Five months ago, it secured about $42 million (Rs 300 crore) led by founder Bhupinder Singh and private equity investors like Paragon Partners. It decided to use those funds for incubating new business. Company has recorded a 55 times enhancement in consolidated revenue of Rs 132.44 crore in Financial Year 2018 from Rs 2.41 crore in the previous fiscal.
Meanwhile, the losses worth Rs 5.33 crore of the group companies in the Financial year 2017 also turned into profits amounting to Rs 9.38 crore in the last fiscal. Turning losses into profits, and that too by a 3.7 times margin. InCred competitors include Capital afloat, India lends, Lendingkart and several others. Now NBFC firms have been facing no difficulty in finding backers. In fact, several local lending startups are returning to raise fresh equity because of the easing of the liquidity situation. Capital Float, Lending art and Rubique are reportedly in discussion to raise larger rounds.
Stay connected with us for latest updates!
- The impact of COVID-19 on the life of people who make the latest styled clothes - August 17, 2020
- Are Data Science, Data Analytics, Artificial Intelligence & Machine Learning running the engine of the Aarogya Setu app? - April 28, 2020
- Table Reservation Venture, EazyDiner raises $5.9 million in Series B funding round - April 24, 2020