Fintech Unicorn InCred Records 132% Profit Growth in Q3 FY24

By siliconindia  |  Wednesday, 24 January 2024, 15:25 IST

Fintech Unicorn InCred Records 132% Profit Growth in Q3 FY24
In the third quarter of the current fiscal year (FY24), Fintech unicorn InCred witnessed a substantial 132% increase in profit before tax, reaching Rs 298 crore, compared to Rs 129 crore in the same period last year. InCred Finance's core loan book experienced notable growth, with a 55% increase year-on-year, surpassing Rs 8,000 crore in Q3 FY24. Additionally, the cost-to-income ratio exhibited a positive decline, decreasing from 56% to 44%.
InCred, valued at $1.04 billion, achieved unicorn status as the second company to do so last year. The noteworthy increase in profitability, reaching Rs 298 crore, reflects the success of InCred's 'Risk First' approach, exceptional product delivery, and the dedication of its 1,600+ employees nationwide, according to Bhupinder Singh, Founder and Group CEO of InCred. The company's equity investors include KKR, ADIA, TRS, OAKS, INVESTCORP, Moore Capital, Elevar Equity, Ranjan Pai, Gaurav Dalmia, and others.
In FY23, InCred reported a profit of Rs 109 crore, a significant growth from Rs 31 crore in FY22, representing more than a 3.5 times increase. In December, the fintech lender secured unicorn status after raising $60 million from both new and existing investors. InCred Wealth, the wealth management subsidiary, played a leading role in the funding round by investing $36.76 million, followed by MEMG Family Office contributing $9 million.

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