In a positive turn amidst the prevailing startup challenges, Incred, a prominent fintech unicorn, has reported a substantial growth with a profit of Rs 109 crore in FY23, marking a significant increase from Rs 31 crore in FY22, representing a growth of over 3.5 times.
The financials filed with the Registrar of Companies (RoC) reveal that Incred's revenue witnessed a remarkable surge of 77.46%, reaching Rs 866 crore in FY23, compared to Rs 488 crore in FY22. This impressive performance is attributed to the company's strategic scaling of operations.
As part of its growth strategy, Incred has effectively managed to build a loan book of Rs 7,500 crore within the span of the last six years. The finance cost, comprising interest expenses, increased by 62.6% to Rs 356 crore in FY23 from Rs 219 crore in FY22.
Notably, Incred achieved the status of India's second unicorn in 2023, following a successful fundraising round that garnered $60 million from a mix of new and existing investors. InCred Wealth, the wealth management subsidiary of InCred, took the lead in this funding round, contributing $36.76 million. MEMG Family Office followed with a $9 million investment.
Renowned personalities such as Ravi Pillai, Chairman at RP Group of Companies, and Ram Nayak, Co-Head of Deutsche Bank, also participated, investing $5.4 million and $1.2 million, respectively. The funding round included contributions from InCred Special Opportunities Fund VCC, Varanium Capital Advisors, NABS Vriddhii, among others.
With this latest funding infusion, InCred's valuation has surpassed the $1.03 billion mark. Notably, the company had previously secured $68 million in a debt funding round from public sector banks and financial institutions.
InCred's strategic partnerships have also played a pivotal role in its growth journey, with a noteworthy collaboration with Zomato in 2022 for providing "hassle-free" credit facilities. The recent financial success positions Incred as a key player in the dynamic landscape of fintech startups.
(With Agency Inputs)
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