InCred Finance, a unicorn lender backed by KKR, recorded an increase its after-tax profit to Rs 316.35 crore in FY24 from Rs 120.92 crore in FY23. This growth was fueled by a 45 per cent rise in interest income.

The company’s interest income reached Rs 1,193.14 crore in FY24 compared to Rs 822.82 crore in the previous fiscal year. As a result, its operating revenue grew by 46.8 per cent, reaching Rs 1,269.96 crore in FY24.

Expenses also rose significantly, increasing by 37.5 per cent to Rs 871.35 crore in FY24 from Rs 633.52 crore in FY23. Finance costs, which make up half of the total expenses, climbed by 27.8 per cent to Rs 454.84 crore in FY24 from Rs 355.83 crore in FY23. Employee benefit expenses also grew substantially, up 36.3 per cent to Rs 261.38 crore in FY24 from Rs 191.67 crore in the previous year.

The startup financer’s basic and diluted earnings per share were Rs 6.76 in FY24. The company’s total assets under management reached Rs 9,039 crore, a 49.1 per cent increase from Rs 6,062 crore in FY23.

Founded in 2016 by former Deutsche Bank executive Bhupinder Singh, InCred Finance is a non-banking financial company with a presence in over 24 cities in India, Singapore and the Middle East. InCred offers a variety of products and services, including personal loans, education loans, SME business loans and digital lending platforms.

In December last year, InCred turned into a unicorn after raising USD 60 million in a Series D round led by Ranjan Pai of Manipal Education and Medical Group (MEMG), Ravi Pillai, Chairman at RP Group of Companies and Ram Nayak, Global Co-head of the Investment Bank and Head of Fixed Income and Currencies at Deutsche Bank.

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