Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

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

<ul><li>The effects of the RBI crackdown on easy <keyword id="35520" type="General" weightage="20" keywordseo="personal-loans" source="Orion">personal loans</keyword> is yet to be seen. </li><li>Despite a more than 25% decrease in acceptance rates, credit card balances have consistently increased. </li><li><keyword id="185013" type="General" weightage="20" keywordseo="gold-loans" source="Orion">Gold loans</keyword> stand out within the <keyword id="817163" type="General" weightage="20" keywordseo="retail-lending" source="Orion">retail lending</keyword> segment by providing the most favourable acceptance rates. </li></ul>Personal loans are on the rise. The month of December has seen the category in lending-verse amass outstanding balances of approximately ₹11 lakh crore, as per the Consumer Finance Overview by InCred Finance. Within the segment, the most rapid growth has been seen in small ticket personal loans (STPL), defined as loans under ₹25,000, witnessing a fourfold increase in volume over the past two years. Meanwhile, conventional personal loans, characterised by larger amounts and stricter underwriting criteria, have doubled in volume over the same period. It is to be noteworthy that in November, earlier this year, RBI increased the <a href="https://www.businessinsider.in/finance/news/rbi-tightens-norms-on-personal-loans-for-banks-nbfcs/articleshow/105269235.cms">risk weightage</a> for unsecured personal loans, and the effect is expected to be seen gradually. Retail lending trumps corporate lending Interestingly, retail lending, directed at individuals rather than businesses, now holds the foremost position and exhibits the most rapid growth within the credit landscape. Retail lending stands at approximately ₹89 lakh crores (around $1.1 trillion), constituting 46% of the overall credit in the economy. The report says that comparatively, corporate lending amounts to ₹74 lakh crores (about $0.9 trillion), securing the second largest segment. Retail balances are growing at a rate of 22% annually from a substantial base, outpacing the 17% growth of overall credit balances and the 14% growth of corporate balances. <keyword id="6387037" type="General" weightage="20" keywordseo="credit-cards" source="Orion">Credit cards</keyword> remain fastest growing retail lending category, despite decreased acceptance rates The fastest growing sector in retail lending remains credit cards. Despite a more than 25% decrease in acceptance rates and an industry-wide tightening of credit policies for new-to-credit customers, credit card balances have consistently increased. This appears to be a preemptive risk management step by lenders, as overall credit performance in the industry remains stable or even shows signs of improvement. A report by Worldline, a payment and transaction services company, highlighted a <a href="https://www.businessinsider.in/finance/news/indias-debit-card-transactions-fall-but-credit-card-spends-rise-further/articleshow/103960976.cms">surge in credit card transactions</a> in H1 2023, reaching 1.550 billion, signifying a significant increase of 19.6% compared to H1 2022. Loans for personal consumption drive retail lending The outstanding balances for consumer finance have crossed ₹22 lakh crores (approx. USD 270 billion). Despite this high base, balances continue to grow at over 25% per annum across most product categories. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td colspan="2" style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Annual outstanding balance growth rate (%) </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gold loans </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">25 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Car loans </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">26 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Personal loans </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">29 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Two-wheeler loans </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">31 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Consumer loans </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">33 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Credit cards </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">34 </td></tr></tbody></table> Source: InCred <keyword id="1897540" type="General" weightage="20" keywordseo="consumer-durable-loans" source="Orion">Consumer durable loans</keyword> see rapid growth Consumer durable loans, akin to STPL loans in terms of loan amounts, are experiencing rapid growth. However, the distinction lies in their controlled use case, where disbursements are directly made to the merchant. The risk performance of these loans earmarked for consumer durables has shown stability. Gold loans continue to shine Gold loans also stand out within the retail lending segment by providing the most favourable acceptance rates, which is natural since it is a secured loan. Banks have observed a rapid increase in their unsecured loan portfolios, raising concerns by the Reserve Bank of India (RBI). Responding to the RBI's worries about the growth of unsecured loans, specific banks are swiftly shifting their attention toward encouraging secured lending. Among these, gold loans have emerged as an attractive financial product within the retail sector. This shift aims to mitigate risk by promoting lending backed by collateral rather than unsecured lending, aligning with the RBI's cautionary stance.

Retail trumps corporate lending as small-ticket loans see fourfold jump in past two years

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

Earlier today, RBIs MPC (Monetary Policy Committee) decided to leave the <keyword id="20094323" type="General" weightage="100" keywordseo="repo-rate" source="keywords">repo rate</keyword> unchanged at 6.5%, while changing the policy stance toward neutral. The aim, as <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords" meta.keywordsubtype="org" meta.entityname="RBI" meta.hostid="261" meta.entityid="RBI">RBI</keyword> maintained, was to strike a balance between taming domestic <keyword id="19895000" type="General" weightage="20" keywordseo="inflation" source="keywords">inflation</keyword> and maintaining target growth. A neutral stance gives the RBI the flexibility to adjust <keyword id="19950650" type="General" weightage="20" keywordseo="interest-rates" source="keywords">interest rates</keyword> based on the direction of inflation, as opposed to its previous stand of withdrawing accommodation, which eliminates any possibility of rate cuts. While a change of stance doesn’t necessarily mean a cut should follow, most experts view this as a prelude to a possible rate cut in December this year, or even February next year. Says Deepak Ramaraju, Senior Fund Manager, Shriram AMC, "The RBI stance has changed to neutral, indicating that its primary focus is to balance growth and inflation. Growth has been resilient and given the short-term pressure on inflation, RBI may continue to hold interest rates unchanged in Q3 FY 2025. Based on inflation moderating below 4.5% and course of geo-political concerns, the RBI may undertake a rate cut decision in Q4 FY 2025". So, what does this mean for your investments? How will this decision impact your existing funds? We take a look. <h2>Good time to invest in high-yield deposits</h2>This is a good time to invest in high-yield <keyword id="19975805" type="General" weightage="20" keywordseo="fixed-deposits" source="keywords">fixed deposits</keyword> and long-term bonds. That's because with rate cuts imminent in the upcoming quarters, you'd be able to lock-in your funds with the prevailing, relatively higher interest rate right now. As for the yellow metal or gold, it is generally considered a safe haven asset during turbulent market times. That's why you should consider making it a part of your investments, or increasing its weightage in your overall portfolio, depending on your needs. Vijay Kuppa, CEO, InCred Money highlights that with deposit rates at elevated levels, one has an ideal opportunity for locking in high-yield fixed deposits."At the same time, high borrowing costs also make a compelling case for increasing debt allocations in investment portfolios, which offer a buffer against potential equity market corrections, which might occur due to <keyword id="19955176" type="General" weightage="20" keywordseo="geopolitical-tensions" source="keywords">geopolitical tensions</keyword>", he continues. With the chronic crisis in Middle-East flaring up again, as Israel looks to target Lebanon and Iran, you can expect some volatility and downturns in the <keyword id="19949641" type="General" weightage="20" keywordseo="equity-markets" source="keywords">equity markets</keyword>, both in India and globally, in the times to come. Over the last 5 days, Sensex has dipped by over 1,900 points, or about 2.38%, and Nifty has also gone down by 2.23%. With this set to continue for some time, you can reconsider and evaluate your investments in debt. Mahendra Kumar Jajoo, CIO – Fixed Income, Mirae Asset Investment Managers (India) explains that the market is confident of a rate cut in the times to come, and that the <keyword id="20066775" type="General" weightage="20" keywordseo="bond-market" source="keywords">bond market</keyword> has already started pricing in the same. "We have already seen some of this already, with 10Y GOI yields at around 6.75%, having already eased significantly in last few months. So, if investors wait for rate cut to invest, it may be too late for them. Also, with corporate credit picking up, investing in corporate bond funds for a period of 3-5 years can also serve the investor well. Investors having a long term investment horizon and appropriate risk appetite can also invest in gilt funds", he continues. <h2>Dont exit the markets yet </h2>Though short-term biases of FII may continue towards Chinese markets keeping pressure on the equity markets, the resilient domestic flows can defy deep corrections in the equity markets despite high valuations. The markets may trend positive with subsequent rate cuts by the US Fed later this year. Hence, it wont be advisable to completely exit the equity markets during these times, notes Avnish Jain, Head - Fixed Income, Canara Robeco Mutual Fund Jain advises to take a buy on dips approach towards the stock markets i.e. adding quality stocks to your portfolio during times of market downturn. Shrikant Chouhan, Head Equity Research, Kotak Securities says that the current market texture is volatile, hence level based trading would be the ideal strategy for the day traders. "For the bulls now, 25,050/81,700 would be the key level to watch out. Above the same market could retest the level of 25,200-25,225/82,000-82,300. On the flip side, 24,900/81,200 would be the key support zone for the traders. Below the same, the selling pressure is likely to accelerate. Below the same, market could slip till 24,800-24,780/81,000-80,700", explains Chouhan. <h2>Time to buy a home? Maybe! </h2>No rate cut can spell some good news for homebuyers who are looking to get their hands on real estate during the festive season. Even as home loan rates remain steady as of now, homebuyers may have to wait until December or beyond to get any tangible relief in their home loan EMIs. Vimal Nadar, Head of Research, Colliers India explains that a change in stance from “withdrawal of accommodation” to “neutral” indicates its clear direction for a possible reduction in interest rates in the foreseeable future. This ongoing stability in repo rate should provide a significant thrust to residential real estate during these festive months as home loan interest rates are likely to remain steady. "Typically, Q4, marked by higher inclination of homebuyers to wrap-up property purchases during the auspicious period combined with instantaneous liquidity benefit aided by developers offering attractive discounts, has historically provided the final push to housing sales across the major markets in the country", he added.

You Searched For "incred loan" and got 5 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

Retail trumps corporate lending as small-ticket loans see fourfold jump in past two years

Anagh Pal

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

IANS

RBI leaves repo rate unchanged. What does this mean for you?

Ira Alok Puranik

Popular Keywords

Buying Guides