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Mumbai fintech startup InCred raises Rs 600 crore Series A funding

CHENNAI: Mumbai-based fintech enterprise InCred has raised Rs 600 crore in a series A funding round led by Dutch development finance institution FMO.

The round saw the participation of US-based asset manager Moore Capital, India and Latin America-focused PE fund Elevar, and Alpha Capital.

With this, the NBFC’s total equity capital crosses Rs 1,000 crore, and InCred plans to use the proceeds to boost its balance sheet lending, as well as in making further investments in technology initiatives to drive analytics and risk management capabilities.

“Urban migration, increasing disposable incomes, and digitisation has brought India close to the tipping point of rapid growth in financial services. This will create a massive gap between the demand and supply of credit across all strata of society,” InCred CEO and founder Bhupinder Singh said.

“Financial institutions that can use technology to deliver innovative products with quality customer experience are best placed to serve this gap. Key to long term success will be laser-sharp focus on risk management through a combination of analytics and traditional underwriting.”

InCred has a business footprint in more than 20 cities in India and seeks to go deeper into these markets, while also expanding to a number of tier-3 cities.

The startup‘s talent, experience in fintech, and execution track record sealed the deal for InCred, the company said.

Earlier in 2016, InCred raised Rs 550 crore from Bhupinder Singh (founder and CEO, InCred), Anshu Jain (former Co-CEO, Deutsch Bank), Dr Ranjan Pai (MD and CEO, Manipal Group), Gaurav Dalmia (Chairman, Dalmia Group Holdings), and Alpha Capital among others.

News credit : Indiatimes