[Funding alert] InCred secures Rs 500 Cr in debt led by public sector banks, financial institutions
Mumbai-based NBFC InCred has raised Rs 500 crore 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.
According to a statement released by the company, the latest round of financing will boost InCred’s lending expansion across select segments in the consumer, education, and MSME markets.
InCred currently disburses four types of loans - personal, education, home, and SME (small and medium enterprises).
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.”
The startup already has a strong presence across more than 20 cities in India, and plans to expand to a number of Tier III cities.
The latest funding comes within a month after the fintech lender acquired fintech platform Qbera from Ant Creditex Technologies Pvt Ltd for an undisclosed amount.
According to a statement released by the company, through its acquisition of Qbera, InCred said it will look to augment its digital distribution strengths. Qbera said it will benefit from InCred’s personal loans expertise and provide full-stack loan origination capabilities in risk-sharing partnerships with other financial institutions.
Earlier, in April 2019, the digital lending platform had raised Rs 600 crore in its 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).
Founded in 2016 by Bhupinder Singh, InCred, in its own personal loan business, claims to have developed deep capabilities across risk, analytics, technology, and collections.
Edited by Megha Reddy