InCred Finance posts net profit of Rs 121 crore in FY23, revenues jump 67%

InCred Finance, which entered the unicorn club last year, has reported total revenues of Rs 877.5 crore in fiscal year 2023, up 67% from the previous fiscal.

The non-banking finance company also reported a net profit of Rs 121 crore in FY23, a significant jump from the Rs 31 crore it reported in FY22, according to data sourced from research platform Tracxn.

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In December, InCred Finance raised $60 million from a clutch of investors, including ultra high-net-worth clients, at a valuation of $1.04 billion, making it the second unicorn of 2023. The funds will be used to grow its core business verticals including consumer loans, student loans, and micro, small and medium enterprises (MSME) lending.

Quick commerce company Zepto was the other Indian startup to join the unicorn club in 2023. A unicorn is a privately held company which is valued at $1 billion or more.

InCred Finance, the lending business of InCred Group, was founded in 2016 by seasoned banker Bhupinder Singh. It provides loans across retail lending, small business lending and education finance.

In 2022, it merged with KKR India Financial Services to create a joint entity under the brand name InCred Finance.

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Earlier in November, InCred said it has developed a loan portfolio of Rs 7,500 crore in six years, demonstrating a compound annual growth rate of over 50% over the past three years.InCred has raised funding from institutional investors such as Abu Dhabi Investment Authority (ADIA), Oaks Asset Management, Dutch development finance company FMO, Moore Strategic Ventures and Elevar Equity.


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