Fintech unicorn InCred reports 132% growth in profit in Q3 FY24

New Delhi, Fintech unicorn InCred on Wednesday reported 132 per cent growth in profit before tax to Rs 298 crore in the third quarter of the current fiscal year (FY24), from Rs 129 crore in the corresponding period last year.

InCred Finance's core loan book witnessed 55 per cent growth (on-year), crossing Rs 8,000 crore in Q3 FY24. The cost-to-income ratio saw a healthy decline from 56 per cent to 44 per cent.

InCred has been valued at $1.04 billion and became the second company to gain the unicorn status last year.

"The impressive growth in our profitability is a testament to our 'Risk First' ethos, our best-in-class product delivery, and the commitment of our 1,600+ InCredibles spread across the country," said Bhupinder Singh, Founder and Group CEO, InCred.

InCred's equity investors include KKR, ADIA, TRS, OAKS, INVESTCORP, Moore Capital, Elevar Equity, Ranjan Pai and Gaurav Dalmia, etc.

Incred had posted Rs 109 crore in profit in FY23 as compared to Rs 31 crore in FY22, a more than 3.5 times growth.

Last December, the fintech lender became India's second unicorn of 2023 (the other being quick commerce startup Zepto) after raising $60 million from new and existing investors.

InCred Wealth, the wealth management subsidiary of InCred, led the funding round with investing $36.76 million, followed by MEMG Family Office at $9 million.