InCred Asset Management, the asset management division of fintech startup InCred, recently closed its first credit fund, InCred Credit Opportunities Fund-I, at Rs 660 crore.
The fund received capital from wealthy individuals, family offices and corporate treasuries. It has invested in 23 companies, aiming for returns of 16 to 18 per cent. Initially targeting a corpus of Rs 500 crore, the credit fund has already invested Rs 560 crore.
Saurabh Jhalaria, Chief Investment Officer at InCred, stated that 85 per cent of the capital has been deployed. The fund has a four-year life cycle with an average internal rate of return (IRR) target of 17.5 per cent. InCred’s asset management arm raised Rs 300 crore in November 2022.
InCred offers various loan products to retail customers and MSMEs. They also announced their plan to raise Rs 300 crore through a public offering of non-convertible debentures (NCDs). The net proceeds will be allocated for lending purposes and general corporate needs.
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