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New Delhi, Fintech unicorn
InCred Finance’s core loan book witnessed 55 per cent growth (on-year), crossing Rs 8,000 crore in Q3 FY24. The cost-to-income ratio saw a healthy decline from 56 per cent to 44 per cent.
InCred has been valued at $1.04 billion and became the second company to gain the unicorn status last year.
“The impressive growth in our profitability is a testament to our ‘Risk First’ ethos, our best-in-class product delivery, and the commitment of our 1,600+ InCredibles spread across the country,” said
InCred’s equity investors include KKR, ADIA, TRS, OAKS, INVESTCORP, Moore Capital, Elevar Equity,
Incred had posted Rs 109 crore in profit in FY23 as compared to Rs 31 crore in FY22, a more than 3.5 times growth.
Last December, the fintech lender became India’s second unicorn of 2023 (the other being quick commerce startup Zepto) after raising $60 million from new and existing investors.