Mumbai, April 29, 2019: New age technology-led NBFC InCred has successfully concluded its Series A Funding round. Led by Dutch development finance institution FMO, the funding round raised Rs. 600 crores for InCred and witnessed the participation of US-based asset manager Moore Capital, India/Latin America-focused PE fund Elevar, and Alpha Capital (anearly-stage investor of InCred).
The latest funding round will increase the total equity capital of the company to over 1,000 crores. The NBFC plans to use this capital to boost its balance sheet lending, as well as in making further investments in technology initiatives to drive analytics and risk management capabilities. InCred already has a strong business footprint across more than 20 cities in India and envisages deeper penetration in these markets, while also expanding to a number of tier 3 cities.
InCred CEO and Founder Bhupinder Singh said, “Urban migration, increasing disposable incomes, and digitization has brought India close to the tipping point of rapid growth in financial services. This will create a massive gap between the demand and supply of credit across all strata of society. Financial institutions that can use technology to deliver innovative products with quality customer experience are best placed to serve this gap. Key to long term success will be laser-sharp focus on risk management through a combination of analytics and traditional underwriting. InCred has demonstrated all of this in its first phase of existence and will now take it to the next level with its new equity partners.”
In its Series A funding, some of the critical factors that drove the investors decision to back InCred were its top-notch talent pool, comprehensive experience in financial services and technology, and nimble high-quality execution track record. The investors were also impressed by InCred’s long-term vision of Tech-based disruption and its outreach strategy for serving the underbanked segment within the Indian market.
This is the first funding round of InCred since 2016 when it raised Rs. 550 crores from Bhupinder Singh (Founder and CEO, InCred), Anshu Jain (former Co-CEO, Deutsch Bank), Dr. Ranjan Pai (MD and CEO, Manipal Group), Gaurav Dalmia (Chairman, Dalmia Group Holdings), and Alpha Capital (one of its current investors) alongside others.
