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InCred Finance, a KKR-backed unicorn lender, more than doubled its profit after tax to Rs 316.35 crore in FY24 from Rs 120.92 crore in FY23, driven by a robust 45% increase in interest income.

The company’s interest income reached Rs 1,193.14 crore in FY24 compared with Rs 822.82 crore in the previous fiscal year. Correspondingly, its operating revenue grew by 46.8%, amounting to Rs 1,269.96 crore in FY24.

Expenses also saw a significant rise, increasing by 37.5% to Rs 871.35 crore in FY24 from Rs 633.52 crore in FY23. Finance costs, which constitute half of the total expenses, climbed by 27.8% to Rs 454.84 crore in FY24 from Rs 355.83 crore in FY23. Employee benefit expenses also increased substantially, up 36.3% to Rs 261.38 crore in FY24 from Rs 191.67 crore in the previous year.

The startup financer’s basic as well as diluted earnings per share stood at Rs 6.76 in FY24.

The company’s total assets under management stood at Rs 9,039 crore, a 49.1% jump from Rs 6,062 crore in FY23.

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InCred Finance is a non-banking financial company founded in 2016 by former Deutsche Bank executive Bhupinder Singh. The company has a presence in over 24 cities in India, Singapore, and the Middle East, InCred offers a wide range of products and services, including personal loans, education loans, SME business loans, and digital lending platforms.

The company turned unicorn in December last year after raising $60 million in a Series D round led by Ranjan Pai of Manipal Education and Medical Group (MEMG), Ravi Pillai, Chairman at RP Group of Companies, and Ram Nayak, Global Co-Head of the Investment Bank and Head of Fixed Income and Currencies at Deutsche Bank.