Fintech unicorn Incred Finance has secured a debt of INR 258 Cr (around $30 Mn) from a clutch of investors, led by wealth and asset management firm Neo Group, in multiple tranches since January.

InCred Finance’s board passed resolutions to issue a cumulative 25,800 non-convertible debentures having a face value of INR 1 Lakh each to raise the debt, its regulatory filings accessed by Inc42 showed.

Neo Group invested INR 50 Cr through its arms Neo Asset Management and Neo Markets Services in the company. InCred’s wealth division InCred Wealth and investment banking arm InCred Capital also participated in the round, contributing INR 25 Cr each.

The remaining capital came from MAS Financial Services, CredAvenue Securities, and a group of angel investors and cooperative banks.

InCred didn’t respond to Inc42’s queries on the development till the time of publishing this story.

This comes days after via a slump sale.

Founded in 2016 by Bhupinder Singh, InCred Group operates in the BFSI sector through three separate entities – lending arm InCred Finance, wealth and asset management vertical InCred Capital, and B2C and B2B2C digital investment distribution platform InCred Money. In 2022, InCred Finance merged with KKR India Financial Services.

InCred Finance became a unicorn in December 2023 after raising INR 500 Cr in its Series D funding round from high-net-worth individuals, including early backers like Ranjan Pai.

InCred Finance’s consolidated net profit more than doubled to INR 316.3 Cr in the financial year 2023-24 (FY24) from . Operating revenue zoomed 47% to INR 1,270 Cr during the year under review from INR 864.6 Cr in FY23.

The debt funding comes amid reports that InCred Finance is looking to in the latter half of 2025. The fintech unicorn plans to raise INR 4,000 Cr (about $470 Mn) to INR 5,000 Cr (about $590 Mn) through its public issue.

It is eyeing an IPO valuation of INR 15,000 Cr (about $1.8 Bn) to INR 22,500 Cr (about $2.6 Bn).

With investors taking a shine to new-age tech IPOs, more than 20 startups are , including the likes of Ather Energy, Ola Consumer, BlueStone, Zepto, Avanse Financial Services, ArisInfra, boAt, Physics Wallah, among others.

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