Digital lending platform InCred has raised Rs 500 crore in debt funding from various public sector banks and other financial institutions, the company said in a press release. It will use the debt line to expand its lending operations across segments like consumer, education and small business loans.
“InCred is strengthening its funding base to support its growth vision. The recently concluded debt issuance is an endorsement of our business model, risk and analytics philosophy and our prudent ALM policies,” said Vivek Bansal, Group CFO, InCred.
InCred had earlier raised Rs 600 crore in equity Series A funding round, which was led by Dutch development finance institution FMO. The round also saw participation from US-based asset manager Moore Capital, India and Latin America-focused PE fund Elevar, and Alpha Capital, an early-stage investor of InCred.Since its inception in 2016, InCred has added over 5 lakh customers in more than 20 cities across India. The startup recently acquired Bengaluru-based lending platform Qbera to strengthen its digital distribution capabilities.