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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%

<ul><li>Financial services firm <keyword id="8331532" type="General" weightage="50" keywordseo="incred-capital" source="Orion">InCred Capital</keyword> announced the acquisition of <keyword id="6571307" type="General" weightage="80" keywordseo="orowealth" source="Orion">Orowealth</keyword>, an alternate asset advisory firm.</li><li>With this acquisition, <keyword id="4331504" type="General" weightage="100" keywordseo="incred" source="Orion">InCred</keyword> will enter the wealth-tech segment with the launch of <keyword id="15944055" type="General" weightage="50" keywordseo="incred-money" source="Orion">InCred Money</keyword>.</li><li>The <keyword id="9750911" type="General" weightage="50" keywordseo="incred-group" source="Orion">InCred Group</keyword> has over ₹15,000 crore assets under management (AUM), and its businesses include an NBFC and an institutional wealth and asset management platform.</li></ul>Financial services firm InCred Capital announced the acquisition of Orowealth, an alternate asset advisory firm, on Monday, in an all-cash deal. The deal value has not been revealed. With this acquisition, InCred will enter the wealth-tech segment with the launch of InCred Money. It will be led by Orowealth’s co-founder <keyword id="14427300" type="General" weightage="50" keywordseo="vijay-kuppa" source="Orion">Vijay Kuppa</keyword>. InCred has two other businesses – InCred Finance, a new-age non-banking finance corporation (NBFC) focused on lending, and InCred Capital, an institutional, wealth and asset management platform. “In the next decade, the democratization of investment opportunities covering the mass affluent and retail segments will be driven by digital platforms that unlock access to non-traditional assets for investors as well as their advisors,” said <keyword id="117981" type="General" weightage="50" keywordseo="bhupinder-singh" source="Orion">Bhupinder Singh</keyword>, founder and group CEO of InCred Group. The acquisition of Orowealth adds over ₹1,100 crore to the assets under management (AUM) of the InCred Group – which itself has an AUM of ₹15,000 crore (before the acquisition). The company also said it has a team of over 100 private bankers and caters to the high networth and ultra-high networth segments. Orowealth’s acquisition now allows it to cater to the retail and mass-affluent space. “With the launch of the InCred Money platform, we are committed to offering best-in-class products to these rapidly evolving customer segments in keeping with our vision to meet the financial needs of every Indian family,” Singh added. InCred Money will be targeted at customers, and also serve as a platform for other businesses which want to serve customers. As far as the platform services are concerned, InCred Money plans to integrate a network of Independent Financial Advisors (IFA) across the country. “There is a growing demand for non-traditional investment assets from mass affluent and retail investors due to rising income levels and greater awareness. We are addressing this massive demand by putting together a suite of carefully curated products and solutions,” said Vijay Kuppa, co-founder, Orowealth and now the CEO of InCred Money. Orowealth offered users options to invest in bonds, mutual funds, peer-to-peer loans, invoice discounting, fractional real estate and more. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/december-auto-sales-could-skid-sequentially-on-production-constraints-purchase-deferrals-due-to-inauspicious-period/articleshow/96617021.cms">December auto sales could skid sequentially on production constraints, purchase deferrals due to ‘inauspicious’ period</a> <a href="https://www.businessinsider.in/business/news/gautam-adani-man-of-the-year/articleshow/96610248.cms">Gautam Adani: Man of the year</a> <a href="https://www.businessinsider.in/thelife/personalities/news/top-five-billionaires-in-2022-elon-musk-gautam-adani-and-bill-gates/articleshow/96509847.cms">After a round of musical chairs, Musk, Gates and Adani are among 2022’s top 5 billionaires</a>

InCred Capital acquires alternate asset advisory firm Orowealth

<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

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

With <keyword id="19899478" type="General" weightage="20" keywordseo="US" source="keywords">US</keyword> unemployment rates jumping from 4.1% to 4.3% in July 2024, the highest ever since October 2021, global markets fear an impending <keyword id="19950649" type="General" weightage="100" keywordseo="recession" source="keywords">recession</keyword> and a slowdown hitting the world's largest economy. Amidst a weakening labor market, even as <keyword id="19950650" type="General" weightage="20" keywordseo="interest-rates" source="keywords">interest rates</keyword> remain consistent at a 23-year peak range of 5.25-5.5%, the number of unemployed people in the US inched up to 7.9 million in July. Between January and June this year, the US economy added an average of 2,22,000 new jobs every month, which were significantly lower than the monthly average of 2,51,000 in 2023, and 3,77,000 in 2022. However, in July, the economy only managed to generate 1,14,000 new jobs. Even Goldman Sachs economists have upped the probability of recession hitting the US by 2025 to 25%, from its previous estimate of 15%. And while they maintain that there still remain "several reasons to not fear a slump", it is hard to overlook the fact that July's employment figures have already breached the Sahm rule, which is considered a tipping point for foreseeing economic slowdowns. But is that indication enough, or are we reading too much into short-term market developments? Lets find out. First, what is this Sahm rule? Named after formed Fed economist Claudia Sahm, the rule says that a recession is almost certain, and more likely already underway, if the <keyword id="20054242" type="General" weightage="20" keywordseo="unemployment-rate" source="keywords">unemployment rate</keyword> (based on a three-month moving average) inches up by 0.5% from its lowest point in the past year. It has been failsafe so far, proving right for every US recession since 1970. But even as Sahm herself, and other economists believes that a recession is not imminent this time around, despite weak employment figures, the ongoing shockwaves in the global markets are hard to ignore. Japan's Nikkei 225 plunged 4,451 points today, and closed the day around 12.4% lower, registering one of the worst losses it has seen since 1987. Closer home, Sensex fell sharply from the 80,000 mark it had previously breached by about 2,500 points to trade at around 78,400.21. Nifty also dipped around 2.5%, and was trading at about 24,098 points. Vishnu Kant Upadhyay, AVP, Research and Advisory at Master Capital Services Ltd notes, the significant domestic equities sell-off has been primarily driven by weak global sentiments following disappointing U.S. economic data, particularly non-farm payrolls, manufacturing PMI, and jobless claims, which have raised concerns about a potential economic slowdown in the world’s largest economy. Additionally, the yen carry trade has further dampened global sentiment. "However, given the prevailing bullish trend, it is unlikely that prices will remain low for an extended period. A recovery from these lower levels is a probable scenario", he continued. Even Anup Kurup, CIO at InCred Global Asset Management sees this as short-term, largely because of the "positioning in the derivative markets with many players selling volatility across many asset classes. A big move up in VIX on Friday after the disappointment in the jobs report would have likely triggered margin calls on the short volume strategies, which were mushrooming off late", he explained. So, what exactly is a recession? This is when a country experiences a temporary decline in its overall economic activity, which has a cascading effect on lowering its GDP, income, sales and employment numbers. Generally, if the a country's GDP continues to fall for two successive quarters, it is said to have entered recession. When there is a recession, individuals and businesses tend to spend less, which further hinders wealth creation, industrial activity and trade, perpetuating the cycle. However, in the first three months of 2024, US household wealth skyrocketed to a record $160 trillion, while household net worth touched $5.1 trillion, largely driven by the significant exposure of Americans to the stock markets, and the subsequent gains. Notably, last recession (2008-09) was marked by ballooning household debt, which grew just 2.19% in the last quarter. So, while a recession might not be immediately on the cards, the upcoming months of September and December, where the Fed is likely to announce significant rate cuts, will be tracked intently. A rate cut would increase money circulation in the economy, thereby boosting spending and countering recession. Transfer Pricing and International Economics subject matter expert Akash Kalra notes that this crash indicates a shift from rapid growth to a slower growth trajectory, rather than an immediate recession. Despite recent weak economic indicators such as higher unemployment claims and soft data in construction, durable goods orders, home sales, and manufacturing, the overall assessment is that the U.S. economy is transitioning to a slower growth rate, which is more vulnerable but not necessarily indicative of a recession. "It is important to note that consumer spending has been growing at a moderate rate. In addition, capital spending remains strong due to robust corporate balance sheets and interest in AI technology. The housing market is subdued but stable, and government spending continues to rise. Trade positions are unfavorable but not deteriorating. The <keyword id="19904332" type="General" weightage="20" keywordseo="Federal-Reserve" source="keywords" meta.keywordsubtype="org" meta.entityname="Federal Reserve" meta.hostid="261" meta.entityid="Federal Reserve">Federal Reserve</keyword> has signaled a potential rate cut in September due to softer economic data and diminishing <keyword id="19895000" type="General" weightage="20" keywordseo="inflation" source="keywords">inflation</keyword>. Accordingly, the U.S. GDP growth is expected to slow down for the rest of 2024 before picking up again in 2025", he continues.

With stock markets crashing worldwide, are fears of a recession loading in the US pre-mature?

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.

You Searched For "incred capital" and got 6 results

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

IANS

InCred Capital acquires alternate asset advisory firm Orowealth

Rounak Jain

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

PTI

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

PTI

With stock markets crashing worldwide, are fears of a recession loading in the US pre-mature?

Ira Alok Puranik

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

IANS

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