In a positive development amidst the prevailing startup challenges, fintech unicorn Incred has reported significant financial growth for the fiscal year 2022-23 (FY23). The company’s financials, as per the Registrar of Companies (RoC), reveal substantial profit and revenue figures, marking a notable expansion in its operations.
Profit Growth
Incred witnessed a remarkable upsurge in profitability, with its profit soaring to Rs 109 crore in FY23, a substantial increase from Rs 31 crore recorded in the previous fiscal year (FY22). This signifies a growth of more than 3.5 times, underscoring the company’s robust performance and strategic initiatives.
Revenue Surge
The fintech unicorn experienced a commendable surge in revenue, with a notable increase of 77.46 percent. In FY23, the company’s revenue surged to Rs 866 crore from Rs 488 crore in FY22. This significant revenue growth highlights Incred’s strong market position and growing customer base.
Operational Expansion
As part of its expansion strategy, Incred scaled up its operations, leading to a corresponding increase in finance costs (interest expenses). The finance cost surged by 62.6 percent to Rs 356 crore in FY23 from Rs 219 crore in FY22. This increase reflects the company’s efforts to accommodate its expanding operations and meet growing demand.
Funding and Valuation
In a significant milestone, Incred secured $60 million in funding from both new and existing investors, propelling its valuation to over $1.03 billion. The funding round was led by InCred Wealth, the wealth management subsidiary of InCred, with significant contributions from other prominent investors such as RP Group of Companies and Deutsche Bank.
Strategic Partnerships
InCred’s strategic partnerships, such as the one with Zomato for hassle-free credit facilities, further solidify its position in the fintech landscape. These collaborations enable the company to offer innovative solutions and enhance its market reach, driving continued growth and success.
In summary, Incred’s robust financial performance, coupled with strategic investments and partnerships, positions the company for sustained growth and leadership in the competitive fintech sector.
