InCred raises Rs 500 cr debt funding from PSBs, financial institutions

Financial technology startup InCred on Monday said it has raised Rs 500 crore debt funding from various public sector banks and financial institutions to expand lending across consumer, education and MSME segments. "This round of debt financing will boost InCred's lending expansion across select segments in the Consumer, Education and MSME markets," Incred said in a statement.

Financial technology startup InCred on Monday said it has raised Rs 500 crore debt funding from various public sector banks and financial institutions to expand lending across consumer, education and MSME segments. InCred had earlier raised Rs 600 crore equity in a Series A funding round which was led by Dutch development finance institution FMO. The round also saw participation from US-based asset manager Moore Capital, India/Latin America-focused PE fund Elevar and Alpha Capital. "InCred has raised Rs 500 crores debt funding from various public sector banks and public financial institutions. The debt issuance took the form of Term Loans, NCDs (under LTRO and PCG scheme) and Market Linked Debentures. "This round of debt financing will boost InCred's lending expansion across select segments in the Consumer, Education and MSME markets," Incred said in a statement. The company's Group CFO Vivek Bansal 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." Since its inception in 2016, InCred has added over 500,000 customers in 20 plus cities across India, the statement added.