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Fintech platform InCred, which is on the verge of becoming the second unicorn of 2023, is all set to enter the insurance business. As of now, the firm deals in lending businesses to offer consumer, MSME and student loans.
The board at InCred has passed a resolution for applying for a Corporate Insurance Agency License from the Insurance Regulatory and Development Authority of India IRDA), a regulatory filing with the Registrar of Companies (RoC) shows.
Now, InCred will compete with several NBFCs and BFSI players which provide lending and insurance under a single umbrella entity.
The Mumbai-based non banking finance company (NBFC) recently said that it is raising Rs 500 crore (approximately $60 million) in a Series D round from a clutch of investors, including corporate treasuries, global private equity funds, family offices and ultra-high-net-worth individuals.
The firm did not disclose investors participating in the upcoming round but it said that fresh funds will be used to improve lending products.
With the new round, InCred will become a billion-dollar valued company or unicorn. This will be the second unicorn from India in 2023. In August, quick commerce platform Zepto entered the coveted club.
The firm last raised Rs 500 crore ($68 million then) in a debt funding round from various public sector banks and public financial institutions. Its notable investors include Oaks Asset Management, Dutch development finance company FMO, Moore Strategic Ventures, and Elevar Equity.
Last year, InCred announced its strategic merger with private equity firm KKR’s corporate finance arm. Post merger, InCred also launched Rs 1,000 crore Alternate Investment Fund. It claims to have disbursed loans worth Rs 18,000 crore to date while its own loan book stood at Rs 7,500 crore.
The company reported profit before tax of Rs 170 crore in H1 FY24.
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