Fintech unicorn Incred logs Rs 109 cr profit in FY23, revenue up over 77%

New Delhi : Amid the ongoing startup gloom comes good news in fintech unicorn Incred which has posted Rs 109 crore in profit in FY23 as compared to Rs 31 crore in FY22, a more than 3.5 times growth.

Incred’s revenue surged 77.46 per cent to Rs 866 crore during FY23 from Rs 488 crore in FY22, according to its financials with the Registrar of Companies (RoC).

The finance cost (interest expenses) was up 62.6 per cent to Rs 356 crore in FY23 from Rs 219 crore in FY22, as the company scaled its operations, according to an Entrackr report.

Incred has likely built a loan book of Rs 7,500 crore within the last six years.Late last month, 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.

InCred Wealth, the wealth management subsidiary of InCred, led the funding round with investing $36.76 million, followed by MEMG Family Office at $9 million.

Ravi Pillai, Chairman at RP Group of Companies, and Ram Nayak, Co-Head of Deutsche Bank, invested $5.4 million and $1.2 million, respectively.

InCred Special Opportunities Fund VCC, Singapore-registered entity of InCred, Varanium Capital Advisors and NABS Vriddhii also participated in the round.

With this funding, InCred is now valued at more than $1.03 billion. The firm last raised $68 million in a debt funding round from public sector banks and public financial institutions.

Zomato in 2022 entered into a strategic partnership with fintech lender InCred for "hassle-free" credit facilities.