Mumbai-based non-banking finance company InCred Financial Services has raised $2.1 million from 17 investors through a market-linked non-convertible debenture issue, regulatory filings show.
The NBFC is in the process of raising $14 million through a debenture issue, as per media reports. However, it was not known if the latest fundraise was part of the debt programme.
The online loan platform is in talks to invest $7.3 million in personal finance management app Walnut. It is also said to be in the race to acquire wealth management business from the Reliance group, The Economic Times reported last month.
In April, InCred raised $86 million in a Series A funding led by Dutch development bank FMO along with other investors such as US-based asset manager Moore Strategic Ventures, Alpha Capital and venture capital firm Elevar Capital.
In 2018, it had raised over $75 million through debt security issues in four tranches, as per VCCEdge data.
A new-age financial services provider leveraging technology and data, the NBFC has online and physical operations with presence in 20 cities and is planning on expanding in tier-3 cities. It offers loans in personal, education, home and small and medium enterprises (SME) categories.
InCred was founded by former Deutsche Bank executive Bhupinder Singh in 2016 and started operations a year later. Anshu Jain, former co-CEO of Deutsche Bank, is the chairperson of the advisory board of Incred.