InCred Group, a financial services company, has raised Rs.500 crore in its Series D investment round from both new and current investors through its lending arm, InCred Financial Services Ltd (InCred Finance). As a result of the new funding, InCred is now valued at $1.04 billion, making it the second unicorn firm of the year.

Leading the $60 million (about ₹500 crore) fundraising round was Ranjan Pai of MEMG, who put in $9 million. The RP Group of Companies chairman, Ravi Pillai, contributed an additional $5.4 million to the project.

Ram Nayak, Head of Fixed Income & Currencies at Deutsche Bank and Global Co-Head of the Investment Bank, also made a $1.2 million investment.

The allotted cash is intended to support the fintech company's growth in its many business sectors, which include MSME lending, student loans, and consumer loans.

Institutional investors like Varanium Capital Advisors and Sattva Group were among the high-net-worth family offices that participated in the round, according to reports.

InCred Finance and KKR India Financial Services amalgamated in 2022 to form a joint company that operates under the InCred Finance brand.

The company further declared that the equity capital would be distributed in a deliberate manner among its main business divisions, which include loans to consumers, loans for education, and loans to micro, small, and medium-sized businesses (MSMEs).

Additionally, InCred Finance showcased its impressive accomplishment of assembling a loan portfolio worth Rs.7,500 crore in just six years, with a compound annual growth rate of more than 50 percent over the previous three years.

Zepto is the only business to achieve unicorn status in this year's difficult investment environment. This on-demand grocery startup acquired an amazing $1.4 billion in valuation in August after securing fresh funding.