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January 24, 2024

InCred rocks it with a whopping 132% profit growth

Fintech unicorn InCred has reported a 132% increase in profit before tax in Q3 FY24, reaching INR 298 crore ($37.5 million), up from INR 129 crore ($16.3 million) in the same period the previous year. The company’s core loan book also saw a 55% increase year-on-year, surpassing INR 8,000 crore ($1 billion) in Q3 FY24. Additionally, InCred’s cost-to-income ratio declined from 56% to 44%. InCred was valued at $1.04 billion and became India’s second unicorn company last year. The company’s investors include KKR, ADIA, TRS, Elevar Equity, and Ranjan Pai. In FY23, the lender posted a profit of INR 109 crore ($13.8 million), a growth of over 3.5 times compared to the previous year.