Financial services platform InCred, a provider of consumer and MSME loans, has raised Rs 500 crore debt funding from various public sector banks and public financial institutions.
With this fund, will InCred is looking to boost lending across select segments in consumer, education and MSME markets.
Founded in 2016 by former head of investment banking at Deutsche Bank Asia-Pacific Bhupinder Singh, the company launched its market operations in January 2017 and since then InCred claims to have added over 500,000 customers in more than 20 cities across India.
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.”
The funding comes within a month of the news of acquiring fin-tech platform Qbera to augment its digital distribution capabilities.
InCred had earlier raised Rs 600 crore equity in 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 crore with a marquee investor roster including the Dutch development bank FMO, Moore Capital from the USA, Investcorp Bahrain, Oaks Capital and others including Ranjan Pai of Manipal and Anshu Jain, former CEO of Deutsche Bank.