InCred, the new-age financial services platform that provides Consumer and MSME loans, 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. This funding comes within a month of the news of the fintech lender acquiring fintech platform Qbera to augment its digital distribution capabilities.
Speaking on the development, Vivek Bansal, Group CFO of InCred 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 and our prudent ALM policies.”
InCred had earlier raised Rs 600 crore equity Series A funding round which was led by Dutch development finance institution FMO, the round also saw participation from US-based asset manager Moore Capital, India/Latin America-focused PE fund Elevar, and Alpha Capital (an early- stage investor of InCred). InCred has an equity base of over 1,000 crores with a marquee investor roster including the Dutch development bank FMO, Moore Capital from the USA, Investcorp Bahrain, Oaks Capital and others including Dr Ranjan Pai of Manipal and Anshu Jain, Ex CEO of Deutsche Bank.
Since its inception in 2016, InCred has added over 500,000 customers in 20 plus cities across India and has established a strong reputation in the market for its risk management capabilities and cutting edge tech backbone.