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Fintech unicorn InCred records Rs 1,267 crore revenue and Rs 316 crore PAT in FY24

Sumit Vishwakarma
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InCred FY24

Lending firm InCred has seen its revenue soar from Rs 488 crore in FY22 to Rs 1,267 crore in FY24, a 2.6-fold increase.

The substantial growth also brought a notable rise in profits, which surged more than ten times over the same period. The company's financial statements show that operational revenue grew by 48%, reaching Rs 1,267 crore in FY24, up from Rs 856 crore in FY23, Entrackr reported. 

Diverse loan offerings drive success

Founded by Bhupinder Singh, InCred offers a wide range of loans, including education and personal loans.


The major contributor to InCred's revenue was the interest from loan disbursements, accounting for 94% of the total operating revenue.

The interest income increased by 45% to Rs 1,193 crore in FY24. The company also generated revenue from fees, commissions, and dividends, and earned Rs 26 crore from other income, pushing total revenue to Rs 1,293 crore in FY24.

Managing costs amidst growth

Despite its rapid expansion, InCred maintained a handle on costs. The finance cost made up 52% of overall expenditure, increasing by 27.8% to Rs 455 crore in FY24.

The company significantly expanded its workforce, leading to a 35.9% rise in employee benefits expenses.

Other costs, including depreciation, legal, advertising, and travel expenses, contributed to a total expenditure of Rs 871 crore in FY24, a 37.4% increase from Rs 634 crore in FY23. Even with these rising costs, InCred achieved a 2.6-fold increase in profits, reaching Rs 316 crore in FY24, up from Rs 121 crore in FY23.