ⓘ Featured image: Bhupinder Singh, CEO, InCred; Credits: IndiaTimes.com
One of the leading fintech startups in India, Mumbai-based InCred today raised INR 500 crore (around $6.8 million) from a number of public sector banks and financial institutions. The fresh funds will be utilised towards expanding lending across consumer, education and MSMEs.
Last month, InCred acquired Qbera, another digital lending startup from Bengaluru. In December 2019, InCred raised INR 600 crore (around $5.9 million) in its Series A round led by Dutch development finance institution FMO with participation from US-based asset manager Moore Capital, India/Latin America-focused PE fund Elevar and Alpha Capital.
The company in a statement earlier today said,
“InCred has raised Rs 500 crores debt funding from various public sector banks and public financial institutions. The debt issuance took the form of Term Loans, NCDs (under LTRO and PCG scheme) and Market Linked Debentures. This round of debt financing will boost InCred”s lending expansion across select segments in the Consumer, Education and MSME markets,”
Commenting on the funding round for InCred, Vivek Bansal, Group CFO said,
“InCred is strengthening its funding base to support its growth vision. The recently concluded debt issuance is an endorsement of our business model, risk and analytics philosophy.”