The <a target="_blank" href="https://www.planify.in/research-report/hdb-financial-services-limited/">HDB Financial Services Limited</a> announced its financials for Q3 FY24. The revenue of the company increased by 14.2% from Rs 3,154.7 Cr in Q3 FY23 to Rs 3,601.8 Cr in Q3 FY24. The net profit of the company increased by 28.3% from Rs 495.7 Cr in Q3 FY23 to Rs 635.8 Cr in Q3 FY24. The Capital Adequacy Ratio of the company decreased 12.2% from 20.5% in Q3 FY23 to 17.9% in Q3 FY24. The liquidity ratio of the company decreased by 22.6% from 212.0% in Q3 FY23 to 164.0% in Q3 FY24

HDB Financial Services Limited Released its financials for Q3 FY24

​People who wanted to travel to a different city earlier had to go through a rigorous and cumbersome process of ticket booking and sorting out accommodation through offline mediums. This is the problem that two IIT Kanpur alumni have noticed and wanted to introduce a solution by giving a platform to India that could shorten the worries of travelers through innovative travel planning products. This was when Aloke Bajpai and Rajnish Kumar founded Ixigo in 2007. ​Some of the main growth highlights of ixigo are👍 ​Connects over 80 million travelers ​Has 12+ million monthly active users ​Extracts deals from over 25,000 online as well as offline partners ​Generates more than 1 billion train PNRs every month. ​Has 2+ lakh scores and appraisals of trains and stations ​Boasts of a combined user base of over 255 million users ​What Ixigo has achieved over the past couple of years is nothing short of extraordinary. Let’s take a look at a few pointers to get a brief image of the company’s performance: ​👉 Financials: Ixigo has truly put the pedal to the metal in FY23. Ixigo’s revenue from operations grew to Rs 501 crore in FY23 from Rs 380 crore in FY22, a growth of 32 % y-o-y.&nbsp; ​👉 𝐌𝐚𝐫𝐠𝐢𝐧𝐬: Its ROCE and EBITDA margins improved to 6% and 7% respectively in FY23. On a unit level, it spent Rs 0.97 to earn a rupee of operating revenue. ​👉 Operational efficiency: In terms of cash burn related to Advertisement Expenses, there has been a noticeable shift in the company's revenue generation efficiency. While previously earning ~ ₹6.23 for every rupee spent on advertising, the recent figure has seen a decline to ₹5.93. This could be attributed to heightened market competition, prompting the company to adopt a more aggressive marketing approach. Overall, In FY22, the company spent ₹1.06 for every ₹1 of revenue, while in FY23, this expense was reduced to ₹0.97, indicating a more prudent management of cash resources. ​👉 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐜 𝐃𝐞𝐜𝐢𝐬𝐢𝐨𝐧𝐬: It’s worth noting that Ixigo acquired ConfirmTkt in February 2021 and the acquisition seems to have worked well. After this deal, Ixigo emerged as the largest third-party train booking platform. The booking of train tickets was the highest revenue grosser with 61% followed by flight and bus which contributed 21% and 1% respectively. ​What next? Ixigo - Future Plans ​✍ Ixigo is currently looking for an IPO soon. It has already managed to file the DHRP with SEBI and is planning to raise around ₹1600 crore in funding via IPO. It had earlier looked for a valuation of $750-800 mn for the IPO before it filed its DRHP. ​. ​✍ Outlook: Remarkable growth and lean cost structure helped Ixigo move into the black. With robust travel demand driving its success, Ixigo aims to scale its business to a projected Rs. 700cr. in FY24. The company has also become debt-free &amp; its rising revenues are expected to garner a lot of interest from investors at the time of listing.​

Some of the main growth highlights of ixigo.

A big one for all ixigo shareholders! 🚀

​In 2023, the top 5 sectors which has raised funds are SaaS, D2C, Fintech, Agritech and&nbsp; E-commerce. These contribute to approximately 89% of the total funding received in H1 CY23 in value terms.&nbsp;👍 ​In the vibrant world of startups, angel investing is the catalyst for dreams. A visionary investor, captivated by a budding entrepreneur's pitch, takes flight into uncharted territory. With a leap of faith and a capital infusion, the angel ignites the spark that fuels innovation. Angel investing, a tale of risk and reward, weaves a narrative where passion meets capital, propelling dreams into the realm of reality.👍 ​Today we look at such Angel Investors who have assisted 100’s of companies to access Strategic Capital, helped them build their Networks &amp; ensured that the startups ecosystem overall prospers:​

the top 5 sectors which has raised funds are SaaS, D2C, Fintech, Agritech and  E-commerce.

Top Angel investors invested in 5 most prominent sectors 🚀 🚀👍

The Board of Directors passed a resolution at its meeting held on 09th of January, 2024, approving the aforesaid rights issue of 94,78,712 equity shares at Rs.25/- each for cash (face value of Rs.10/- and premium of Rs.15/-) on rights basis to the existing equity shareholders of the Company in the ratio of 1:5 i.e., 1 equity share for every 5 fully paid-up equity share(s) held by the eligible equity shareholders. These shares are being offered to those shareholders whose name appears in Register of Members of the Company as on January 05, 2024, being the record date fixed by the Board of Directors.

ICL Fincorp has announced Rights Issue Offer

Capital Small Finance Bank is expected to bring its IPO soon and is expected to hit the markets before the financials of Q4 FY24 are announced. As per our sources, IPO price band is expected to remain in the range of Rs 515 to Rs 525. In June 2023, Max Life Insurance Company Limited infused Rs 49.5 Cr at an Equity Price of Rs 468.
 
 IPOs of Ixigo and Mobikwik are also expected to bring their IPO soon

Expected IPO Price of Capital Small Finance Bank

​2023 Review: 2023 stands at 2nd place in terms of number and 4th in terms of value&nbsp;2024 is expecting to see a higher number of IPOs. ​Let's take a look at a few pointers to understand how the Stock Market performed &amp; what we can expect in the year 2024 w.r.t to IPO listings: ​In 2023, the Stock market performed exceedingly well, giving an average return of 19.5% to the investors. While the Nifty jumped 20% in 2023, Sensex saw an amazing growth of 19% to log their best returns since the year 2021 &amp; second best since 2017. ​The year 2023 saw a total of ~ 57 IPOs, 2nd highest in the past decade, second only to 2021, which notched 63 IPOs. ​As for the total amount raised from IPOs, 2023 ranked as the 4th largest in the past decade. The total amount raised in FY23 is ₹494.2 bn ($5.9 billion), compared to ₹1.2 trillion in 2021, ₹672 bn in 2017, and ₹593 bn in 2022. ​According to SEBI, over 27 DRHPs have been filed in the year 2023 &amp; many prominent companies are looking to actively list their IPOs on the stock market in 2024. ​The Funding Winters looks like a distant past as the markets predict a much more resilient performance in 2024, backed by some very strong IPO listings in the second half of 2023. Over 27 Companies plan to raise close to ₹29,000 through public Issue next year.​

2023 Review: 2023 stands at 2nd place in terms of number and 4th in terms of value 2024 is expecting to see a higher number of IPOs.

2024 Upcoming IPOs

As we bid adieu to 2023, it's crucial to reflect on the journey of India's startup ecosystem throughout the year. In a landscape known for its highs and lows, the year brought about a significant twist – a record low in startup funding. The year 2023 witnessed highs and lows, as it faced multiple headwinds that affected the funding activity and the growth prospects. While some startups achieved milestones, such as becoming unicorns, going public, or expanding globally, others faced hardships, such as layoffs, shutdowns, or pivots. The most notable trend of the year, however, was the funding winter. According to a report by Inc42 Media, the total funding raised by tech startups in 2023 was $10 billion, a 60% drop from 2022 and a 76% fall from the peak in 2021. This was the lowest level of funding in seven years, since 2016. The number of deals also fell by 40%, from 1,185 in 2022 to 713 in 2023. The funding crunch had a severe impact on the Indian startup landscape, as many startups had to resort to cost-cutting measures, such as layoffs, salary cuts, and pivots, to survive. According to a report by Tracxn, over 16,000 employees lost their jobs in the Indian startup sector in 2023, a 60% increase from 2022. Startups have been narrowing their employee count as India saw another cycle of drying up funding since last year to bring the focus back on profitability and reducing cash burn. Consequently, India dropped from 4th place in 2022 and 2021 to 5th place among the highest-funded geographies globally in 2023.<h2>Stage-wise Analysis</h2>The funding activity in 2023 also varied across different stages, with some stages witnessing a surge in funding, while some others experiencing a decline. The Startup funding stages can be classified into categories: seed stage, growth stage, and late stage. The seed stage refers to the initial funding raised by startups, usually between ₹1 cr to ₹5 cr. The growth stage refers to the funding raised by startups that have achieved product-market fit and are scaling up, usually between ₹5 cr to ₹250 cr. The late stage refers to the funding raised by startups that are close to profitability or exit, usually more than ₹250 cr to upto ₹4000 cr.<h3>Seed Stage</h3>According to the report Inc42, the seed stage funding raised from 2014 to 2023 is ~$6Bn and reports 72% YOY decline in 2023. The number of seed stage deals also declined by 55%, from 737 in 2022 to 467 in 2023. The seed stage funding was the worst hit by the funding crunch, as investors became more risk-averse and focused on their existing portfolio companies. The average ticket size of seed stage funding also decreased by 31%.<h3>Growth Stage</h3>The growth stage funding in 2023 was $7.8 Bn, a 72% drop from the $28.8 Bn in 2022. The number of growth stage deals also declined by 57%, from 357 in 2022 to 192 in 2023. The growth stage funding was the most affected by the funding crunch, as investors became more skeptical and demanding of the startups’ unit economics, profitability, and valuation. The average ticket size of growth stage funding also decreased by 45%, from $169.4 Mn in 2022 to $94 Mn in 2023. Indian startups witness a 60% correction in growth stage funding.<h3>Late Stage</h3>The late stage funding in 2023 was $3.5 Bn, a 79% drop from the $16.7 Bn in 2022. The number of late stage deals also declined by 64%, from 28 in 2022 to 10 in 2023. The late stage funding also suffered from the funding crunch, as investors became more wary of the high valuations and exit prospects of the startups. The average ticket size of late stage funding also decreased by 42%, from $596.4 Mn in 2022 to $350 Mn in 2023. Investment in late and growth-stage startups decelerated due to a discerning strategy adopted by private market investors. The decline in funding for the current year is mainly linked to a significant drop in late-stage deals (Series D and beyond), plummeting from $11.70 billion in 2022 to $3.5 billion in 2023.

<h2>Sector-wise Analysis</h2>The funding activity in 2023 varied across different sectors, with some sectors witnessing a surge in funding, while some others experiencing a decline. According to Inc42 Media, the top five sectors that attracted the most funding in 2023 were fintech, edtech, ecommerce, enterprise tech, and healthtech.These sectors accounted for 77% of the total funding amount in 2023. Fintech: The fintech sector emerged as the most funded sector in 2023, with $3.8 Bn raised across 180 deals This was a 20% increase from the $3.2 Bn raised in 2022. The fintech sector benefited from the increased adoption of digital payments, lending, insurance, and wealth management solutions, especially during the Covid-19 lockdowns. Some of the notable funding rounds in the fintech sector include Paytm’s $1 Bn round in November 2023, Razorpay’s $100 Mn round in June 2023, and Pine Labs’ $300 Mn round in May 2023. Edtech: The edtech sector was the second most funded sector in 2023, with $2.3 Bn raised across 80 deals. This was a whopping 182% increase from the $820 Mn raised in 2022. The edtech sector witnessed a huge demand for online learning solutions, due to the pandemic. Some of the notable funding rounds in the edtech sector include Byju’s $400 Mn round in January 2023, Unacademy’s $150 Mn round in September 2023, and Vedantu’s $100 Mn round in July 2023. Ecommerce: The ecommerce sector was the third most funded sector in 2023, with $1.9 Bn raised across 120 deals. This was a 67% decline from the $5.8 Bn raised in 2022. The e-commerce sector faced several challenges, such as supply chain disruptions, regulatory hurdles, and competition from offline retailers, which affected its funding activity. Some of the notable funding rounds in the ecommerce sector include Udaan’s $585 Mn round in February 2023, Nykaa’s $100 Mn round in March 2023, and Grofers’ $220 Mn round in May 2023. Healthtech: The healthtech sector was the fifth most funded sector in 2023, with $1.4 Bn raised across 110 deals. This was a 40% decline from the $2.3 Bn raised in 2022. The healthtech sector faced some challenges, such as regulatory uncertainties, data privacy issues, and low consumer trust, which affected its funding activity. However, the sector also witnessed some opportunities, such as telemedicine, online pharmacy, and preventive healthcare, which attracted some funding. Some of the notable funding rounds in the healthtech sector include Cure.fit’s $110 Mn round in April 2023, Pharmeasy’s $220 Mn round in November 2023, and Practo’s $100 Mn round in August 2023.<h2>How Startups &amp; Investors Can Thrive In The Funding Winter</h2>​​The funding winter is a term used to describe a period of reduced venture capital activity and investment in startups, usually caused by external factors such as economic slowdown, geopolitical tension, regulatory uncertainty, or market saturation. The Indian startup ecosystem experienced a severe funding winter in 2023, when the total funding raised by tech startups dropped to a seven-year low of $10 billion, down 60% from 2022 and 76% from the peak in 2021. However, the funding winter is not necessarily a doom-and-gloom scenario for startups and investors. In fact, it can be an opportunity to adapt, innovate, and emerge stronger in the long run. According to a report by Razorpay, the funding winter can be a chance for startups to focus on extending their runway, reducing their burn rate, generating revenue, and achieving profitability. Similarly, the funding winter can be a chance for investors to find solid investment opportunities, diversify their portfolio, and support the startups that have proven their product-market fit, scalability, and resilience.​

However, not all was gloomy in the Indian startup scene, as some startups managed to raise funds, grow, and even achieve the coveted unicorn status. A unicorn is a startup that is valued at over $1 Bn. According to Inc42 Media, only two Indian startups became unicorns in 2023, namely Zeptobecame India’s first 2022 unicorn with $200 million fresh funding in August 2023 and Incred Finance, became the second one with Rs 500 crore funding in December 2023. <div class="se-component se-image-container __se__float- __se__float-none"><figure style=""><img alt="Indian Startup Funding Takes a Hit" data-align="none" data-file-name="HyCq5RvjtJ9wBz6-9A7XKxmmmTZ94yNzT5wQx6IppVlVJDpLTw0jZ-zmJgoA9TdQ-s2nUVyiEtuui69OCAy-5DBPgbxKXE8TgQDcUiWqRA7OQg7GoAH1H3FZFSLgEgDy_Q-ThRPatojLlK8M5YEgmBw" data-file-size="0" data-origin="auto,auto" data-proportion="true" data-size="," origin-size="752,452" src="https://lh7-us.googleusercontent.com/HyCq5RvjtJ9wBz6-9A7XKxmmmTZ94yNzT5wQx6IppVlVJDpLTw0jZ-zmJgoA9TdQ-s2nUVyiEtuui69OCAy-5DBPgbxKXE8TgQDcUiWqRA7OQg7GoAH1H3FZFSLgEgDy_Q-ThRPatojLlK8M5YEgmBw" data-rotate="" data-percentage="auto,auto" style=""></figure></div><h3>​ The Outlook for 2024</h3>The outlook for 2024 is mixed, as some experts predict a potential rebound in the funding activity, while some others remain cautious. The Indian startup ecosystem is undergoing a phase of correction and consolidation, as the funding winter forces the startups to focus on their unit economics, customer retention, and revenue generation. The startups that can adapt to the changing market conditions, innovate their products and services, and create value for their stakeholders, will be the ones that will survive and thrive in the long run. The startups that can also leverage the emerging opportunities in sectors such as edtech, fintech, healthtech, and agritech, will be the ones that will lead the next wave of growth and innovation in the Indian startup space.​

Indian Startup Funding Hits a Record Low in 2023: A Year End Review

As we embark on a new year, the financial landscape is set for a thrilling transformation with the much-anticipated wave of IPOs in 2024. From innovative tech unicorns to sustainable disruptors, the stage is being set for a diverse array of companies to make their mark on the public market. What to Expect: Get ready for a front-row seat to witness the debut of groundbreaking companies that are reshaping industries. The 2024 IPO lineup promises an exciting blend of growth stories, market disruptors, and ventures that reflect the evolving demands of the global economy. More importantly, it is expected that more than 50 IPOs worth a cumulative value of ₹60,000 Cr. could be listed on the Stock Market.
 
 Industry Dynamics: From the tech sector's continual evolution to the rise of sustainable and ESG-focused enterprises, the 2024 IPOs are poised to mirror the dynamic shifts in market trends. Stay tuned for insights into how these companies plan to navigate challenges, capitalize on opportunities, and contribute to the ever-changing business landscape.

Let’s take a look at a few of the most sought-after IPOs that are expected to get listed in 2024:
 
 Ola Electric: The EV arm of Ola is one of the most anticipated IPOs of 2024. Ola is aiming to raise ₹5,500 Cr. through its issue which is expected to value the company at close to US$ 7 Billion. In recent times, Ola Electric’s revenue seems to have surged on the back of a dedicated push by the government to promote E-Mobilty. This positions the company in a pole position to take advantage of the investor sentiment.
 
 Aakash: Aakash was acquired by Edtech. major Byju’s in 2021 for US$950 Mn is said to be planning to launch an IPO in mid-2024. Post-acquisition Akash has seen a three-fold increase in projections to reach ₹4000 Cr. in revenue &amp; ₹900 Cr. in EBITDA. Akash is a prominent player in the Test prep market which is expected to grow significantly on the back of an increasing number of examinations that students are preparing for This makes its IPO one of the most sought-after ones.

PhonePe: Another leading player in the digital payments industry is eyeing to get itself listed on the stock market in 2024. Following a US$ 200 Mn capital infusion by Walmart, valuing it at US$12 Bn, PhonePe is in the middle of a US$2 Bn fundraising. The company’s rapid expansion into various segments of digital payments &amp; its robust position in the overall market, make its IPO a highly anticipated one. Oyo Rooms: Oyo Room IPO has been perhaps the most anticipated one for a long time but it has been marred by delays due to the platform looking to raise public money to repay most of its debt. After filing an IPO with SEBI, it reportedly slashed its issue size by almost half, down to US$ 400-600 Mn, all of which is likely to be raised through primary issue. boAt: The <a href="https://www.planify.in/research-report/boat-imagine-marketing/">boAt IPO</a> has generated considerable buzz as the renowned audio and consumer electronics brand is expected to go public in 2024. With a reputation for disrupting the market and a strong consumer following, boAt's IPO is poised to offer investors an opportunity to partake in the growth of this dynamic company. As the market eagerly awaits the IPO details, industry enthusiasts are keenly watching to see how boAt navigates the public arena and continues its success story.

In conclusion, the anticipation surrounding the most awaited IPOs of 2024 reflects not only the dynamism of the market but also the ever-growing thirst for innovation and investment opportunities. As we stand on the precipice of a new year, the companies poised to go public are not merely entering the stock market; they are embarking on a journey of growth, transformation, and market influence. Investors, enthusiasts, and industry analysts alike are gearing up to witness the unfolding narratives and significant milestones these IPOs will undoubtedly bring. The stage is set for a year of excitement, and as the curtains rise on the 2024 IPO season, the collective gaze of the financial world awaits the stories that will shape the next chapter in the evolution of business and investment.

As we embark on a new year, the financial landscape is set for a thrilling transformation with the much-anticipated wave of IPOs in 2024.

Most awaited Upcoming IPOs in 2024

Incred has achieved a remarkable feat of becoming India’s second unicorn in 2023, a new-age financial services platform that leverages technology and data science to make lending quick and easy. Incred achieved the coveted unicorn status in December 2023, after raising ₹500 crores in a Series D funding round led by KKR India, a global investment firm.&nbsp; Incred was founded in 2016 by Kamesh Goyal, a veteran of the insurance industry, along with Philip Varghese, Sriram Shankar, and Vijay Kumar, who brought in their expertise in technology, data science, and finance. The founding team had a vision to create a trustworthy, transparent, and high-integrity financial institution that would positively impact the socio-economic well-being of the lower-middle-class to middle-class Indian households, while protecting the interests of all stakeholders. The team realized that there was a huge gap in the Indian lending market, as the traditional lenders, such as banks and NBFCs, were unable to serve the needs of the large and underserved segments of the population, such as the self-employed, the salaried, the students, and the small businesses. These segments faced challenges such as lack of credit history, high interest rates, rigid eligibility criteria, lengthy documentation, and delayed disbursal, which made borrowing a cumbersome and stressful process. To address this gap, the team decided to build a platform that would use technology and data science to simplify and streamline the lending process, and offer customized and affordable loan products to the customers. The team also decided to adopt a hybrid model of online and offline channels, to reach out to the customers across geographies and segments, and provide them with a seamless and convenient borrowing experience.

The Growth of Incred Incred started its operations in 2017, after acquiring an NBFC license from the RBI, and raised INR 5.85 billion in its first funding round. <a href="https://www.planify.in/research-report/incred-holdings-share-price/">Incred</a>&nbsp;launched four retail and five MSME products, and started disbursing loans to the customers. Incred achieved profitability in its first year of operations, and received the LinkedIn Top 25 startups award in 2018, and the ET Best Brand award for four consecutive years from 2020 to 2023. In 2019, Incred raised another INR 4.27 billion from investors, such as Dutch development bank FMO, US-based asset manager Moore Capital, and IndiaLends founder Gaurav Chopra, among others. Incred also received the ET Best Brand award in 2019, and expanded its product portfolio and customer base. In 2020, Incred acquired Qbera, a fintech lending platform, to strengthen its digital capabilities and reach. Incred also partnered with leading e-commerce platforms, such as Amazon India and Flipkart, to provide business loans to their merchants. Incred also received the Best Fintech Business Lender award by India FinTech Forum (IFTA), and the ET Best Brand award for the third consecutive year. In 2021, Incred entered into a strategic partnership with KKR India, one of the largest global investment firms, to merge their NBFC businesses and create a diversified lending platform. The merger was completed in July 2022, and gave Incred access to KKR’s expertise, network, and capital. Incred also reached a milestone of ~ INR 5000 crore AUM, and partnered with a leading food delivery platform to offer easy credit facilities to its customers. Incred also received the ET Best Brand award for the fourth consecutive year. In 2023, Incred successfully completed its Series D funding round, securing $60 million from investors, such as Sequoia Capital India, IIFL Finance, and others. This funding round valued Incred at over $1.04 billion, making it the second unicorn in India in 2023, after <a href="https://www.planify.in/research-report/zepto-kiranakart-technologies-pvt-ltd/">Zepto</a>. Incred also launched InCred Pronto, a salary advance product, to help the salaried customers meet their short-term cash needs.

Incred Product Portfolio The startup offers a range of loan products, such as personal loans, education loans, business loans, merchant loans, and InCred Pronto, a salary advance product. Incred also provides credit solutions to digital merchants, SMEs, and students who aspire to study abroad. Incred has served over 1.5 million borrowers, impacted over 50,000 SME businesses, financed over 10,000 digital merchants, and supported over 5,000 students in their education journey.​<div class="se-component se-image-container __se__float-justify" contenteditable="false"><figure style="width:auto; height:auto;"><img alt="" data-align="justify" data-file-name="yM8J_kLzU-6ez478akiBvz4bXrzRb6lPqp03p32TxRV94gGi25Rc5DZ3zlPx3sUHky9XRUKf_-NAgaxQtXDpTwXoPJVJ-Wy6BGbIe_TeIyh4p8XtYDB1fx9wOWueQz7yCWCyOifpp1IJpAMlN9b5I_0" data-file-size="0" data-origin="auto,auto" data-proportion="true" data-size="auto,auto" origin-size="889,303" src="https://lh7-us.googleusercontent.com/yM8J_kLzU-6ez478akiBvz4bXrzRb6lPqp03p32TxRV94gGi25Rc5DZ3zlPx3sUHky9XRUKf_-NAgaxQtXDpTwXoPJVJ-Wy6BGbIe_TeIyh4p8XtYDB1fx9wOWueQz7yCWCyOifpp1IJpAMlN9b5I_0" style="width:auto; height:auto;"/></figure></div>​ Incred’s success is driven by its innovative use of technology and data science, which enables it to offer customized and flexible loan products, streamline the lending process, reduce the turnaround time, and enhance the customer experience. Incred also leverages its strong partnerships with leading e-commerce platforms, such as Amazon India and Flipkart, to provide business loans to their merchants. In addition, Incred has made strategic acquisitions and mergers, such as Qbera, a fintech lending platform, in 2020, and KKR India, a global investment firm, in 2022, to expand its product portfolio, customer base, and market reach. The success factors of Incred Incred’s journey to the unicorn heights is a result of its relentless focus on innovation, customer-centricity, and social impact. Some of the key factors that contributed to Incred’s success are: Technology and data science: Incred leverages technology and data science to automate and optimize the lending process, and make lending quick and easy. Incred uses advanced algorithms, machine learning, and artificial intelligence to assess the creditworthiness, risk profile, and repayment capacity of the customers, using alternative data sources, such as social media, e-commerce, and behavioral patterns. Incred also uses technology to enable faster verification, approval, and disbursal of loans, and to provide a seamless and convenient user interface to the customers. ​Customer-centricity: Incred puts the customer at the center of its business, and strives to offer the best possible solutions and services to the customers. Incred offers a range of loan products, such as personal loans, education loans, business loans, merchant loans, and salary advance loans, to cater to the diverse and evolving needs of the customers. Incred also offers flexible and customized loan terms, such as loan amount, tenure, interest rate, and repayment options, to suit the preferences and circumstances of the customers. Incred also provides a hassle-free and transparent borrowing experience to the customers, with minimal documentation, instant approval, and quick disbursal. Social impact: Incred aims to create a positive social impact, by enabling the financial inclusion and empowerment of the lower-middle-class to middle-class Indian households, who are often underserved or unserved by the traditional lenders. Conclusion Incred’s story is an inspiring example of how a fintech startup can achieve phenomenal growth and scale, while creating a positive social impact, in a competitive and dynamic market.&nbsp;&nbsp;InCred has grown its loan book to Rs 7,500 crore, a compound annual growth rate (CAGR) of 50% over the last three years, and has served over 1.5 million customers till date.&nbsp; The company plans to use the fresh capital to scale up its existing business verticals and explore new opportunities in the fintech space, such as insurance, wealth management, and payments. The company also intends to expand its presence in tier-2 and tier-3 cities, and increase its employee base from 1,500 to 2,000 by the end of 2023.

Incred has achieved a remarkable feat of becoming India’s second unicorn in 2023, a new-age financial services platform that leverages technology and data science to make lending quick and easy. Incred achieved the coveted unicorn status in December 2023, after raising ₹500 crores in a Series D funding round led by KKR India, a global investment firm.

Incred: Rising to the Unicorn Heights in 2023 - A Success Story

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