InCred Financial Services: A Remarkable Quadrupling of Profits in FY23 Propels Fintech Unicorn Status


In a groundbreaking fiscal year, InCred Financial Services, a leading fintech unicorn, has achieved unprecedented success, witnessing a fourfold increase in net profit. The company’s robust performance in the financial year 2022-23 (FY23) has solidified its position in the fintech sector, showcasing remarkable growth in various financial indicators.

Net Profit Soars: The standout achievement for InCred in FY23 is the impressive quadrupling of its net profit, reaching an impressive INR 120.9 Cr. This remarkable surge from INR 30.8 Cr in the previous fiscal year (FY22) underscores InCred’s resilience and strategic financial management, which contributed to its stellar performance.

Operating Revenue Surges: InCred’s financial prowess extends beyond net profit, with the company reporting an outstanding 77% year-on-year surge in operating revenue. The fiscal year 2022-23 witnessed InCred achieving an operating revenue of INR 864.6 Cr, a substantial increase from the INR 488 Cr recorded in FY22. This exponential growth is a testament to InCred’s ability to navigate the competitive fintech landscape successfully.

Key Financial Metrics: Breaking down the financial metrics, InCred’s interest income and fees and commission income played pivotal roles in driving the company’s profitability. The surge in these income streams highlights InCred’s effective business strategies, customer-centric approach, and adaptability to market dynamics.

Strategic Expansion and Series D Funding: InCred’s remarkable journey in FY23 is not only marked by financial accomplishments but also by strategic milestones. The company joined the coveted unicorn club last year after securing a substantial $60 Mn in its Series D funding round. The funding, led by Manipal Education and Medical Group’s Ranjan Pai, provided InCred with the necessary capital to fuel its expansion plans and enhance its technological capabilities.


InCred Financial Services’ phenomenal performance in FY23 cements its position as a frontrunner in the fintech space. The quadrupling of net profit, coupled with a substantial increase in operating revenue, reflects InCred’s commitment to innovation, customer satisfaction, and sustainable growth. As the company continues to set new benchmarks, its success story serves as an inspiration for the fintech industry, showcasing the potential for groundbreaking achievements in the ever-evolving financial landscape.

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