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Fintech firm InCred’s lending business has turned unicorn after raising $60 million in a Series D round. The round was led by Ranjan Pai of 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. 

It also saw participation from several ultra-high-net-worth individuals and family offices, as well as institutional investors like Varanium Capital Advisors and Sattva Group, according to a press release.

After the recent round, InCred has attained a valuation of $1.04 billion, making it the second company to achieve unicorn status this year after quick commerce company Zepto.

The fintech company says it will use the fresh capital to grow its core business verticals including consumer loans, student loans and MSME lending.

“This funding marks a significant milestone in our journey and takes us into the ranks of Unicorns. We are deeply grateful for the overwhelming support our investors have shown. This equity capital will help us take advantage of these opportunities, strengthen our balance sheet and provide us enough runway for the next couple of years of expansion,” Bhupinder Singh, Founder and Group CEO of InCred, said.

The company 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.

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.

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.