Anshu Jain-backed Incred raises Rs600cr from German lender FMO

Non-banking financial company Incred Finance, promoted by ex-Deutsche Bank senior executive Bhupinder Singh and backed by his former boss Anshu Jain, has raised Rs 600 crore from Dutch development finance institution FMO, the company said Monday. The latest funding round takes its total equity capital to over Rs 1,000 crore.

The other participants in the series A round include US-based asset manager Moore Capital, India/Latin America- focused PE fund Elevar, and Alpha Capital, the company said in a statement. The capital raised will be used to boost balance sheet lending, making further investments in technology initiatives to drive analytics and risk management capabilities, it said.

"Key to the long-term success will be laser-sharp focus on risk management through a combination of analytics and traditional underwriting. We have demonstrated all of this in its first phase of existence and will now take it to the next level with the new equity partners," Singh said. This is the first funding round since 2016 when it had raised Rs 550 crore from Singh, Jain, Manipal Group's managing director Ranjan Pai, Dalmia group's chairman Gaurav Dalmia and Alpha Capital, among others..