Impressive Financial Performance

Fintech unicorn InCred has reported a staggering 132% growth in profit before tax, reaching Rs 298 crore in the third quarter of the current fiscal year (FY24). This significant increase from Rs 129 crore in the same period last year underscores the company’s robust financial performance and strategic initiatives.

Core Loan Book Expansion

InCred Finance’s core loan book experienced remarkable growth, surging by 55% year-on-year and crossing Rs 8,000 crore in Q3 FY24. Moreover, the company achieved a noteworthy decline in the cost-to-income ratio, dropping from 56% to 44%, indicating improved operational efficiency and cost management.

Unicorn Status and Valuation

InCred, with a valuation of $1.04 billion, secured its unicorn status last year, becoming the second company in India to achieve this milestone. This recognition further validates its position as a key player in the fintech landscape, reflecting its strong growth trajectory and market potential.

Testimonial from Leadership

Bhupinder Singh, Founder and Group CEO of InCred, attributed the impressive profitability growth to the company’s ‘Risk First’ ethos, exceptional product delivery, and the dedication of its 1,600+ employees nationwide. This testimony underscores InCred’s commitment to delivering value to its stakeholders while maintaining a customer-centric approach.

Strong Investor Backing

InCred’s equity investors include prominent names such as KKR, ADIA, TRS, OAKS, INVESTCORP, Moore Capital, Elevar Equity, Ranjan Pai, and Gaurav Dalmia, among others. Their continued support reflects confidence in InCred’s business model and growth prospects.

Past Performance and Funding

In FY23, InCred posted a significant profit of Rs 109 crore, marking a more than 3.5 times growth compared to Rs 31 crore in FY22. The company’s success trajectory was further highlighted by its achievement of unicorn status and successful fundraising rounds, including a $60 million investment led by its wealth management subsidiary, InCred Wealth.

InCred’s remarkable performance in Q3 FY24 reaffirms its position as a leading player in the fintech industry, poised for continued growth and innovation in the evolving financial landscape.