Mumbai-based non-banking finance company InCred Financial Services has raised $5.9 million (around Rs 42 crore) in a debt funding round.
The company has issued 257 non-convertible debentures (NCD’s) to 39 allottees at par face value of Rs 10,00,000 each in two different tranches to raise a total debt of Rs 41.9 crore, its latest regulatory filings show. Financial services organisation Centrum Management was the top contributor in this round.
This is the third debt round in as many months for InCred. It last raised a round in November where it raised $4.4 million (Rs 31.4 crore), said media reports. Previously, the company raised $2.1 million from 17 investors in a debt round in October 2019.
InCred was founded by former Deutsche Bank executive Bhupinder Singh in 2016 and launched operations in 2017. It is an integrated provider of financing solutions and advisory services to corporate and institutional clients through capital markets, asset management and investment banking platforms.
In April, the company raised $86 million in a Series A equity funding round 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.
Recently, it acquired the Dubai arm of L&T Capital’s wealth management business. With the acquisition, it also forayed into asset management, wealth management, and investment banking – through InCred Capital.