Unicon InCred clocks 1,267 crore revenue & 316 crore PAT in FY24

By siliconindia  |  Monday, 10 June 2024, 17:13 IST

Unicon InCred clocks Rs.1,267 crore revenue & Rs. 316 crore PAT in FY24
The fintech unicorn InCred has attained an exponential height and scaled 2.6x during the last two fiscal years, and its revenue has gone up to 1,267 crore in FY24 from 488 crore in FY22. Gradually, the profit spiked over during the same period. 
According to the data extracted from the company’s webite,the company’s revenue from operation grew 48% to 1,267 crore in FY24 from 856 crore in FY23.
The fintech startup was founded by Bhupinder Singh,which offers loans to businesses and consumers including home, education, personal, and two-wheeler loans. The amount of interest received from the loan disbursement formed 94% of the total operating revenue which increased 45% to 1,193 crore in FY24. 
The other sources of revenue were, fees, commissions, and dividends. This Mumbai-based fintech company also made 26 crore from other income, tallying its total revenue to 1,293 crore in FY24.
The finance cost accounted for 52% of the overall expenditure which increased by 27.8% to 455 crore in FY24. The company hired aggressively to keep up with the growth in FY24 which was evident from its 35.9% growth in employee benefits expenses.
Its depreciation along with legal, advertising, traveling, and other expenses took the firm’s overall cost up by 37.4% to 871 crore in FY24 from 634 crore in FY23. The remarkable growth achieved in scale and controlled cost mechanism helped InCred post 2.6X growth in profits to 316 crore in FY24 from 121 crore in FY23. 
The company’s ROCE and EBITDA margin improved to 5% and 34%, respectively. On a unit level, it spent 0.69 to earn a rupee in FY24.
During the last December, InCred achieved unicorn status following a $60 million funding round led by Ranjan Pai's MEMG Fund, as reported exclusively by Entrackr. TheKredible, a startup data intelligence platform, reveals that KKR holds the largest external stake at 31.5%, with B Singh Holding following closely behind.
In the fiscal year 2024, InCred possessed financial assets totaling Rs 8,120 crore, with Rs 173 crore attributed to cash and bank balances. The enterprise value to revenue multiple for InCred was recorded at 6.7X in FY24.
InCred has successfully established its presence in a competitive market and appears poised to become one of the most robust firms in the industry. Its track record is likely to attract additional funding opportunities, particularly in terms of debt financing to support its growth. Founder Singh has effectively proven his belief in an underserved market that traditional banks and financial institutions have overlooked. The main concern now is the future direction of the company following its substantial stake sale to KKR, given the interest of major conglomerates in acquiring thriving, reputable financial firms.

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