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InCred Holdings Limited, the holding company of InCred Financial Services Limited, a new-age financial services company, has secured commitments totalling Rs 500 crore in its latest round of equity funding.

The company will join the unicorn club after the closure of its Series D fundraise, becoming the second entrant to the coveted $1-billion-valuation club in 2023.

The round has garnered interest from various investors, including a global private equity fund, corporate treasuries, family offices, and ultra-high-net-worth individuals, InCred said in a statement.

“With our ‘risk first’ approach, cutting-edge technology, and class-leading management team, we are well-positioned for sustained growth in the business over the years to come. Our goal is to make InCred a central part of every Indian family’s financial aspirations and to eventually list the business, unlocking significant value for all our shareholders,” said Bhupinder Singh, Founder and Group CEO, InCred.

The company plans to use the capital across its core lending segments—consumer loans, student loans, and MSME lending—which are seeing strong growth.

InCred Financial, which is a part of InCred Holdings Limited, was founded in 2016 by Singh, a former Deutsche Bank executive, as a tech-enabled lending platform. It says it has built a loan book of Rs 7,500 crore in six years and has been growing at a CAGR of 50% over the last three years.

In July last year, Incred Financial completed its merger with global investment firm KKR’s structured finance lending unit KKR India Financial Services.

Apart from lending, InCred Group also runs InCred Capital in wealth and asset management, investment banking and equities and InCred Money in retail bonds and alternative investments.