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Fintech company InCred has joined an exclusive group of unicorn companies by raising $60 million in a new round of financing. New companies with a valuation of more than a billion dollars are classified as unicorns. InCred said in a statement that it has successfully raised $60 million from new and existing investors in a Series-D round of financing. This brings the total value of the company to $1.04 billion. With this, Incred has become the second company this year to get the unicorn status.
Bhupinder Singh, Chief Executive Officer, InCred said, “This funding is a special milestone in our journey and catapults us to unicorn status. We are grateful for the support we have received from our investors. MEMG’s Ranjan Pai led the funding round with $9 million. RP Group chairman Ravi Pillai has invested $5.4 million and Deutsche Bank’s head (fixed income and currency) has also invested $1.2 million.
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Every startup has its own unique journey to become a unicorn but the minimum time for a startup to become a unicorn in India is 6 months and the maximum time is 26 years. Until the financial year 2016-17, about one unicorn was produced every year. After this, the pace of creating unicorns increased. During the year 2021, there was a big jump in the number of unicorns. During this period, a total of 44 startup unicorns joined the unicorn club with a total valuation of $93 billion.