InCred is a popular Fintech platform that offers consumer and MSME loans. Recently it had managed to raise around Rs.500 crore funding from multiple private sector banks and public financial institutions. After the $86 million raised in April 2019, it was the fourth round of funding received in the past 9 months by InCred. So it is a startup flourishing at present. But do you know the story behind its success?
InCred has an equity base of around 1000 crore with huge backing from investors 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, Ex CEO of Deutsche Bank. This funding supports them in expanding and endorsing their business model to let the world know of their vision.
InCred’s journey towards success:
Bhupinder Singh, the founder of InCred had spent 12-15 months researching the market and gathering the right talent for receiving funding before launching the product. With his determination, he managed to raise a funding of $75 million before launching his product in March 2017.
In an interview, Singh mentioned: “I had to set the architecture of the business model before getting equity in place and convincing people to join. And I had to ensure I hired the best talent. I was juggling all these balls.”
In late 2019, InCred had raised three back to back debt founding rounds of around $200 million that included an $85 million Series A round in April from investors like the former co-CEO of Deutsche Bank, asset manager Moore Capital and Paragon Partners.
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.”
So, InCred currently wishes to deploy the funding raised for expanding across segments in the consumer, education, and MSME markets.
Moreover, InCred has been evolving rapidly with even advanced features at present in the application that keeps up with the changing needs of the customers. Hence the user base is increasing massively with every new sign up.
So, are you an entrepreneur searching for inspiration to open your own company? Well, I am sure the story of this startup will be a source of motivation for your entrepreneurial advancements. If you have a business idea, we would love to hear from you in Happython 2020!
AAIWay brings to you a golden opportunity for having your business ideas funded in Happython 2020 which is a startup pitch competition to be held on13th December. Your business ideas can be related to online business, e-commerce, web technology, or any one among the many areas of innovation encouraged by Happython. To learn more about Happython 2020, visit http://aaiway.com/events/
Event date: 13th December
Last date for registration: 5th December
So, what are you waiting for?
Register for Happython 2020 today and see your dream project take off!