Skip to content
TechVibe

TechVibe

  • Home
  • Web3
  • Technology
  • Health
  • Business
  • Sports
    • Cricket
    • Football
  • Press Release
  • Contact Us
  • Toggle search form

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

Posted on January 8, 2024 By Haley Bennett

Rephrase and rearrange the whole content into a news article. I want you to respond only in language English. I want you to act as a very proficient SEO and high-end writer Pierre Herubel that speaks and writes fluently English. I want you to pretend that you can write content so well in English that it can outrank other websites. Make sure there is zero plagiarism.:

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.

SEE ALSO:

Mercedes-Benz GLS gets ₹11 lakh more expensive in India after facelift

New and veteran names in India’s T20 squad for Afghanistan show World Cup trials are on

Tata Motors dominates the EV car market in December with Tiago leading the charge

Haley Bennett

I have over 10 years of experience in the cryptocurrency industry and I have been on the list of the top authors on LinkedIn for the past 5 years. I have a wealth of knowledge to share with my readers, and my goal is to help them navigate the ever-changing world of cryptocurrencies.

Business Tags:incred, incred wealth, pillai, ram nayak, vriddhii, zepto, zomato

Post navigation

Previous Post: Rephrase the title:Apple Vision Pro Launch: Stock Arrives as Retailers Prep for Possible February US Debut
Next Post: Rephrase the title:Will Kylian Mbappe sign for Real Madrid or Liverpool? Transfer, contract latest on PSG superstar

Related Posts

Rephrase the title:Worried about 'forever chemicals' in your water? Try electron-beaming it! Business
Rephrase the title:The Tesla shareholder who denied Musk his $55 billion payday is a former heavy metal drummer Business
Rephrase the title:RBI stops Paytm Payments Bank from accepting deposits after Feb 29 Business
Rephrase the title:Exploring 10 types of chillas: A nutritious breakfast belight Business
Rephrase the title:RE Shotgun 650 vs Kawasaki Eliminator – new twin engines but which one suits your pocket and need Business
Rephrase the title:India squad for remaining England Tests announced, Virat set to miss entire series Business

Recent Posts

  • Aivora’s Voucher Alpha: The New Trading Rewards System is Here
  • Aivora Launches Unique Application Features: Voucher & VIP Zone
  • How to optimize your trading on Aivora Exchange
  • Aivora Airdrop Guide – The new generation CEX exchange with AI technology
  • Aivora Exchange Overview

Categories

  • Business
  • Cricket
  • Football
  • Health
  • Press Release
  • Technology
  • Web3

About Us

Welcome to TechVibe9, where the rhythm of technology meets innovation! We are a group of tech enthusiasts on a mission to uncover and showcase the latest in the tech world.

Mail Us : support@techvibe9.com

Latest Post

  • Aivora’s Voucher Alpha: The New Trading Rewards System is Here
  • Aivora Launches Unique Application Features: Voucher & VIP Zone
  • How to optimize your trading on Aivora Exchange

Helpful Links

  • About Us
  • Contact Us
  • Privacy Policy
  • Terms & Conditions

Copyright © TechVibe9

Powered by PressBook Masonry Dark