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India gets 2nd unicorn of 2023 as InCred raises ₹500 crore
InCred unicorn: The feat came after it raised $60 million at a valuation of 1.04 billion dollars.
New Delhi: InCred has struck a valuation of over 1 billion dollars becoming the latest unicorn of the country. The feat came after it raised $60 million at a valuation of 1.04 billion dollars. It is the second unicorn of the year after Zepto.
The 60 million dollar (around ₹500 crore) round was led by Ranjan Pai of MEMG, who invested 9 million dollars.
Ravi Pillai, the chairman of RP Group of Companies also invested 5.4 million dollars.
Ram Nayak, Global Co-Head of the Investment Bank and Head of Fixed Income & Currencies at Deutsche Bank, invested 1.2 million dollars.
The company said the money will be used to grow the fintech's business verticals like consumer loans, student loans and MSME lending.
Several family offices of high-net worth individuals participated in the round. Institutional investors like Varanium Capital Advisors and Sattva Group also participated in the round, reported PTI.
"This funding marks a significant milestone in our journey and takes us into the ranks of Unicorns. We are deeply grateful for the overwhelming support our investors have shown. This equity capital will help us take advantage of these opportunities, strengthen our balance sheet and provide us with enough runway for the next couple of years of expansion," InCred CEO Bhupinder Singh said.
This year, amid a funding winter, Zepto is the only other company to have achieved a unicorn valuation. In August, the instant grocery startup raised fresh funds at $1.4 billion valuation.
With inputs from PTI
