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Amid the ongoing startup gloom comes good news in fintech unicorn <keyword id="19944449" type="General" weightage="20" keywordseo="incred" source="keywords">Incred</keyword> which has posted Rs 109 crore in profit in FY23 as compared to Rs 31 crore in FY22, a more than 3.5 times growth. Incred's revenue surged 77.46 per cent to Rs 866 crore during FY23 from Rs 488 crore in FY22, according to its financials with the Registrar of Companies (RoC). The finance cost (interest expenses) was up 62.6 per cent to Rs 356 crore in FY23 from Rs 219 crore in FY22, as the company scaled its operations, according to an Entrackr report. Incred has likely built a loan book of Rs 7,500 crore within the last six years. Late last month, the fintech lender became India's second unicorn of 2023 (the other being quick commerce startup <keyword id="19939134" type="General" weightage="20" keywordseo="zepto" source="keywords">Zepto</keyword>) after raising $60 million from new and existing investors. <keyword id="20112130" type="General" weightage="20" keywordseo="incred-wealth" source="keywords">InCred Wealth</keyword>, the wealth management subsidiary of InCred, led the funding round with investing $36.76 million, followed by MEMG Family Office at $9 million. Ravi <keyword id="20112129" type="General" weightage="20" keywordseo="pillai" source="keywords">Pillai</keyword>, Chairman at RP Group of Companies, and <keyword id="19960548" type="General" weightage="20" keywordseo="ram-nayak" source="keywords">Ram Nayak</keyword>, Co-Head of Deutsche Bank, invested $5.4 million and $1.2 million, respectively. InCred Special Opportunities Fund VCC, Singapore-registered entity of InCred, Varanium Capital Advisors and NABS <keyword id="20112128" type="General" weightage="20" keywordseo="vriddhii" source="keywords">Vriddhii</keyword> also participated in the round. With this funding, InCred is now valued at more than $1.03 billion. The firm last raised $68 million in a debt funding round from public sector banks and public financial institutions. <keyword id="19901323" type="General" weightage="20" keywordseo="zomato" source="keywords">Zomato</keyword> in 2022 entered into a strategic partnership with fintech lender InCred for "hassle-free" credit facilities. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/webstories/mercedes-benz-gls-gets-11-lakh-more-expensive-in-india-after-facelift/slidelist/106637475.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/mercedes-benz-gls-gets-11-lakh-more-expensive-in-india-after-facelift/slidelist/106637475.cms" target="_blank">Mercedes-Benz GLS gets ₹11 lakh more expensive in India after facelift</a><a href="https://www.businessinsider.in/sports/webstories/indias-t20-squad-for-afghanistan-show-world-cup-trials-are-on/slidelist/106633092.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/indias-t20-squad-for-afghanistan-show-world-cup-trials-are-on/slidelist/106633092.cms" target="_blank">New and veteran names in India’s T20 squad for Afghanistan show World Cup trials are on</a><a href="https://www.businessinsider.in/business/auto/webstories/top-10-electric-cars-sale-in-india-in-december-2023/slidelist/106627784.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/top-10-electric-cars-sale-in-india-in-december-2023/slidelist/106627784.cms" target="_blank">Tata Motors dominates the EV car market in December with Tiago leading the charge</a>

Fintech unicorn Incred logs Rs 109 cr profit in FY23, revenue up over 77%

<keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>'s manufacturing sector activity rose to a 13-month high in December, supported by healthy inflows of new business and strong demand conditions, according to a monthly survey. The seasonally adjusted <keyword id="3460448" type="General" weightage="20" keywordseo="sp-global" source="Orion">S&amp;P Global</keyword> India Manufacturing Purchasing Managers' Index (<keyword id="104215" type="General" weightage="100" keywordseo="pmi" source="Orion">PMI</keyword>) stood at 57.8 in December, up from 55.7 in November, as business conditions improved to the greatest extent in over two years. The December PMI data pointed to an improvement in overall operating conditions for the 18th straight month. In PMI parlance, a print above 50 means expansion while a score below 50 indicates contraction. "Following a promising start to 2022, the Indian manufacturing industry maintained a strong performance as time progressed, wrapping the year with the best expansion in production seen since November 2021," <keyword id="2835710" type="General" weightage="50" keywordseo="pollyanna-de-lima" source="Orion">Pollyanna De Lima</keyword>, Economics Associate Director at S&amp;P Global Market Intelligence, said. Hiring activity was stretched to December, while more inputs were acquired as firms sought to supplement production and add to their inventories. Demand resilience boosted sales growth in December. Panellists continued to obtain healthy inflows of new business, and stepped up production to the greatest extent seen since November 2021. Factors that supported sales growth include, advertising, product diversification and favourable economic conditions, as per the survey. "Less challenging supply-chain conditions also supported the upturn. Delivery times were reportedly stable, which enabled firms to secure critical materials and boost their input stocks," Lima said. On the exports front, new orders rose at the slowest pace in five months as several companies reportedly struggled to secure new work from key export markets, the report said. On the year-ahead outlook for production, companies were optimistic. Advertising and demand buoyancy were cited as the key opportunities to growth prospects. "While some may question the resilience of the Indian manufacturing industry in 2023 amid a deteriorating outlook for the global economy, manufacturers were strongly confident in their ability to lift production from present levels," Lima said. On the inflation front, cost pressures remained relatively muted in December, with the overall rate of inflation little-changed from November and the second-slowest since September 2020. The S&amp;P Global India Manufacturing PMI is compiled by S&amp;P Global from responses to questionnaires sent to purchasing managers in a panel of around 400 manufacturers. The panel is stratified by detailed sector and company workforce size, based on contributions to GDP. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/incred-capital-acquires-alternate-asset-advisory-firm-orowealth/articleshow/96678261.cms">InCred Capital acquires alternate asset advisory firm Orowealth</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/cardekho-logs-1600-cr-in-revenue-in-fy22-narrows-losses-by-28/articleshow/96678054.cms">CarDekho logs ₹1,600 cr in revenue in FY22, narrows losses by 28%</a>

India's manufacturing PMI hits 13-month high in Dec on rise in new orders, strong demand

New Delhi, Online food delivery platform <keyword id="6358977" type="General" weightage="20" keywordseo="Swiggy" source="Orion">Swiggy</keyword> on Tuesday said it has facilitated over Rs 450 crore in loan disbursal to more than 8,000 restaurant owners as part of its capital assist programme. Launched in 2017, the capital assist programme is a first-in-the-segment solution designed to bridge the financing gap and empower restaurant owners. Over 8,000 restaurants have availed loans so far, of which 3,000 availed loans in 2022 alone, the company said in a statement. Partnering with multiple lending partners, including Indifi, Incred, FT Cash, PayU Finance, and IIFL, Swiggy offers tailored financial solutions like term loans and credit lines. "The NBFCs will soon facilitate more exciting solutions like pre-approved loans to enable our partners to gain easier and quicker access to capital, driving even more growth for their businesses," said Swapnil Bajpai, VP-Supply, Swiggy. From quick sign-ups to even quicker approvals, through capital assist programme, the NBFCs take a fast, easy, and efficient approach to provide funds for restaurant partner's business needs. "We have done three rounds of financing so far and have used these funds for our working capital requirements. The entire process from the application to receiving funds is incredibly quick, efficient, and transparent," said Aarti and Sumit Rastogi, owners of ARTINCI -- Indulge Guilt Free! in Bengaluru.

Swiggy disburses over Rs 450 cr in loans to 8000 restaurant owners

Founder <keyword id="20198157" type="General" weightage="20" keywordseo="Ritesh-Agarwal" source="keywords">Ritesh Agarwal</keyword> has invested Rs 830 crore through his Singapore-based entity Patient Capital in <keyword id="19901637" type="General" weightage="20" keywordseo="OYO" source="keywords">OYO</keyword>'s latest <keyword id="20080855" type="General" weightage="20" keywordseo="funding-round" source="keywords">funding round</keyword> -- wherein the <keyword id="21745043" type="General" weightage="20" keywordseo="travel-tech-platform" source="keywords">travel tech platform</keyword> raised Rs 1,457 crore, sources said. Post the equity dilution in the <keyword id="22756111" type="General" weightage="20" keywordseo="Series-G-funding" source="keywords">Series G funding</keyword>, Agarwal's holdings will increase from 29.97 per cent earlier, to 32.57 per cent post the investment, sources told PTI. According to sources close to the transaction, "Ritesh has invested to protect his ownership dilution in OYO as well as a signal of confidence in the company's prospects. The investment is backed by Singapore-based family offices." <keyword id="20517346" type="General" weightage="20" keywordseo="Oravel-Stays-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Oravel Stays Ltd" meta.hostid="261" meta.entityid="Oravel Stays Ltd">Oravel Stays Ltd</keyword>, the parent company of OYO, has raised Rs 1,457 crore from a consortium of investors in the latest funding round. The additional equity issuance was approved by 99.99 per cent shareholders in an Extraordinary General Meeting (EGM) held on August 8. The additional fundraise values the company at USD 2.4 billion, as the first Series G tranche issued to InCred in July. The investment is being made through Compulsory Convertible Cumulative Preference Shares, each priced at Rs 29, consistent with the valuation of the recent raise in Series G. The capital will be used to support OYO's growth and its global expansion plans, sources said.

Founder Ritesh Agarwal invests Rs 830 crore in OYO's latest funding round; Platform raises Rs 1,457 crore

Advanced technology battery start-up Log9 Material on Monday said it has raised USD 40 million (nearly Rs 325 crore) in Series B funding led by <keyword id="124764" type="General" weightage="80" keywordseo="amara-raja-batteries" source="Orion">Amara Raja Batteries</keyword> Ltd and <keyword id="12272190" type="General" weightage="80" keywordseo="petronas-ventures" source="Orion">Petronas Ventures</keyword>. The round was also participated by other investors, including Incred Financial Services, Unity Small Finance Bank, Oxyzo Financial Services and Western Capital Advisors. "The recent round of investments will allow us to grow our battery manufacturing capabilities to a 2 GWH capacity by the end of 2024," Log9 Material Founder and CEO <keyword id="6381441" type="General" weightage="80" keywordseo="akshay" source="Orion">Akshay</keyword> Singhal said in a statement. He further said it will also help the company to commission its first fully integrated Lithium Ion Cell production line. "Furthermore, over Rs 100 crore will be invested towards advancements in cell and battery technology stacks," Singhal added. Log9 said it also plans to invest a part of the raised funds into "budding start-ups and organisations that are solving challenges related to charging infrastructure, technology ancillaries and companies fighting climate change at large". On the company's investment, Amara Raja Batteries Executive Director <keyword id="15683367" type="General" weightage="80" keywordseo="vikramaditya-gourineni" source="Orion">Vikramaditya Gourineni</keyword> said, "Log9's progress in the field is significant in meeting India's growing aspirations in the energy and mobility space. Battery manufacturing is the most critical part of the value chain that needs to be localised, and batteries designed in India for India will pave the way." Petronas Ventures Head <keyword id="16219256" type="General" weightage="80" keywordseo="arni-laily" source="Orion">Arni Laily</keyword> said, "Log9's approach to the future of energy continues to excite us and strongly aligns with the investment priorities of PETRONAS Ventures. This partnership will further enhance PETRONAS' expansion in the new energy and green mobility sectors." Log9 is also backed by CBC Japan, Grip Invest Advisors Private Ltd., Cornerstone Venture Partners, LO Funds, Oxy Capital and other leading angel investors. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/waited-6-months-to-join-google-says-indian-origin-techie-on-h1-b-visa/articleshow/97245664.cms">Waited 6 months to join Google says Indian-origin techie on H1-B visa</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/jio-and-airtel-face-off-in-new-prepaid-plans-in-2-5gb-daily-data-limit/articleshow/97246063.cms">Jio and Airtel offering 2.5GB daily data limit in new prepaid plans: Check price, benefits, and more</a>

Battery start-up Log9 Material raises $40 million Series B funding from Amara Raja, Petronas and others

The <keyword id="6355302" type="General" weightage="20" keywordseo="rupee" source="Orion">rupee</keyword> started the New Year on a muted note, declining 14 paise to close at 82.75 (provisional) against the US dollar on Monday as rising <keyword id="102132" type="General" weightage="20" keywordseo="crude-oil-prices" source="Orion">crude oil prices</keyword> and sustained foreign fund outflows weighed on investor sentiment. Forex traders said the support from firm domestic equities and weak American currency was negated by the gains in crude oil prices and sustained foreign fund outflows. At the interbank foreign exchange market, the rupee opened lower at 82.66 against the greenback and witnessed an intra-day high of 82.56 and a low of 82.78. It finally settled at 82.75, down 14 paise over its previous close. On the last trading day of 2022, the rupee had settled at 82.61. "The Indian rupee started the first trading day of the new year with a small loss as many markets remained closed on account of the New year Holiday. "The rupee was unable to hold the morning gains in absence of inflows. The thin trading volumes, stronger domestic equities and better-than-expected PMI readings were falling short to support the rupee," said Dilip Parmar, Research Analyst, HDFC Securities. The near-term focus will remain on the Federal Open Market Committee (FOMC) meeting minutes, scheduled to be released on Wednesday. "Spot USD-INR is still stuck in a three-week range of 82.50 to 82.95. We believe the said range could be resolved by the weekend as liquidity returns with traders coming back to their desks after the New Year holiday," Parmar added. The <keyword id="75201" type="General" weightage="20" keywordseo="dollar-index" source="Orion">dollar index</keyword>, which gauges the greenback's strength against a basket of six currencies, was trading 0.30 per cent lower at 103.52. Global oil benchmark Brent crude futures rose 2.94 per cent to USD 85.91 per barrel. The 30-share BSE Sensex ended 327.05 points or 0.54 per cent higher at 61,167.79, while the broader NSE Nifty climbed 92.15 points or 0.51 per cent to 18,197.45. <keyword id="6438315" type="General" weightage="20" keywordseo="Foreign-institutional-investors" source="Orion">Foreign institutional investors</keyword> (FIIs) remained net sellers in the capital market on Friday, as they offloaded shares worth Rs 2,950.89 crore, as per stock exchange data. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/from-sah-polymers-to-chaman-metallics-four-ipos-that-will-raise-almost-110-crore-this-week/articleshow/96680142.cms">From Sah Polymers to Chaman Metallics – Four IPOs that will raise almost ₹110 crore this week</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/incred-capital-acquires-alternate-asset-advisory-firm-orowealth/articleshow/96678261.cms">InCred Capital acquires alternate asset advisory firm Orowealth</a>

Rupee falls 14 paise to close at 82.75 against US dollar

<ul><li>Square CFO Amrita Ahuja told CNBC Wednesday one million users bought <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword> for the first time last month through <keyword id="9452694" type="UNKNOWN" weightage="60" keywordseo="cash-app">Cash App</keyword>.</li><li>The executive's comment come a day after Square announced that it <a href="https://markets.businessinsider.com/currencies/news/bitcoin-square-purchases-additional-170-million-cryptocurrency-cash-app-2021-2-1030118484">increased its bitcoin investment</a> by $170 million. </li><li>Square's 8,027 bitcoins are valued at around $400 million based on Wednesday's price. </li><li><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell">Sign up here for our daily newsletter, 10 Things Before the Opening Bell</a></li></ul>Square CFO Amrita Ahuja said one million users bought bitcoin for the first time last month through Cash App, its mobile payment service that allows users to invest in the cryptocurrency."We had 3 million people transact in bitcoin through Cash App in 2020 and one million who were new to bitcoin in January," Ahuja <a href="https://www.cnbc.com/video/2021/02/24/square-cfo-amrita-ahuja-on-the-companys-bitcoin-bet.html">told CNBC on Wednesday</a>. The CFO's comment comes a day after the payments firm announced that it i<a href="https://markets.businessinsider.com/currencies/news/bitcoin-square-purchases-additional-170-million-cryptocurrency-cash-app-2021-2-1030118484">ncr eased its bitcoin</a> investment, purchasing 3,318 bitcoins at an aggregate purchase price of $170 million. Including its<a href="https://markets.businessinsider.com/currencies/news/jack-dorsey-how-square-invested-in-bitcoin-2020-10-1029665366?utm_source=markets&amp;utm_medium=ingestgest"> October 2020 purchase</a> of 4,709 bitcoins for $50 million, bitcoin now represents 5% of the company's total cash holdings as of December last year. Square's 8,027 bitcoins are valued at around $400 million based on Wednesday's price. <a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> is up by 1.47% to $49,538 as of 2:25 PM ET Wednesday."We feel that bitcoin is aligned with our purpose, which is economic empowerment," Ahuja said. "Economic empowerment is about bringing access to financial tools more broadly, including to people who haven't had it before. We think bitcoin is a way that could enable that for the future."Square first began to allow users to trade bitcoin through Cash App in <a href="https://www.businessinsider.com/bitcoin-buying-selling-square-cash-app-2018-1">January 2018,</a> fulfilling its founder Jack Dorsey's goal of providing "greater financial access for all." Dorsey has been a longtime cryptocurrency advocate who believes it will be the <a href="https://www.businessinsider.com/jack-dorsey-bitcoin-will-become-the-worlds-single-currency-2018-3?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest">world's "single currency</a>."Bitcoin has had a dizzying rally recent weeks, notching a series of record highs. The price has hovered around $50,000 on Wednesday. Last week, the cryptocurrency <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-plunges-valuation-fears-after-record-shattering-rally-2021-2-1030108132?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest">breached the $58,000-level</a> and <a href="https://markets.businessinsider.com/currencies/news/bitcoin-market-value-1-trillion-for-the-first-time-cryptocurrency-2021-2-1030102808?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest">hit a $1 trillion market capitalization</a> for the first time.Many bitcoin bears fault the cryptocurrency's volatility, yet for Ahuja, the daily movements are less important in the long term. "We think about the long-term arc," the CFO said. "We're going to evaluate this investment on an ongoing basis. We'll be dynamic. We'll respond to the market environment, but ultimately that long-term vision is what we're investing into."

You Searched For "incred capital" and got 7 results

Fintech unicorn Incred logs Rs 109 cr profit in FY23, revenue up over 77%

IANS

India's manufacturing PMI hits 13-month high in Dec on rise in new orders, strong demand

PTI

Swiggy disburses over Rs 450 cr in loans to 8000 restaurant owners

IANS

Founder Ritesh Agarwal invests Rs 830 crore in OYO's latest funding round; Platform raises Rs 1,457 crore

PTI

Battery start-up Log9 Material raises $40 million Series B funding from Amara Raja, Petronas and others

PTI

Rupee falls 14 paise to close at 82.75 against US dollar

PTI

Square CFO says 1 million users of its Cash App service bought bitcoin for the first time in January

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