FMO leads $86m round for India's InCred

US-based asset manager Moore Strategic Ventures also participated in the round, along with Elevar Equity and existing investor Alpha Capital. The Series A round brings InCred’s total capital raised to over INR10 billion, according to a statement.

Founded in 2016, InCred provides personal, education, vehicle, home, and small business loans to customers that have difficulty accessing financing from India’s traditional banks, which have historically focused on large corporate borrowers. Like many of its peers, including VC-backed Kissht and MoneyTap, the company claims to leverage technology and data science to simplify the borrowing process and allow borrowers quick access to capital.

“Urban migration, increasing disposable incomes, and digitization has brought India close to the tipping point of rapid growth in financial services,” said Bhupinder Singh, founder and CEO of InCred. “This will create a massive gap between the demand and supply of credit across all strata of society. Financial institutions that can use technology to deliver innovative products with quality customer experience are best placed to serve this gap.”

InCred has a presence in 20 cities in India and is working to deepen its penetration in these markets, while also expanding into the country’s lower-tier cities. It will use the new capital to strengthen its balance sheet lending and to improve its analytics and risk management capabilities.

According to AVCJ Research, Alpha joined IDFC Alternatives and several individual investors in 2016 to contribute INR5 billion to InCred. Paragon Partners invested a further INR750 million the following year.

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• Topics
• South Asia
• Financials
• Technology
• Early-stage
• India
• Financial Services
• TMT
• FMO