InCred, a leading financial services company, has reported stellar financial results for the fiscal year 2023-24. The company's profit more than doubled to INR 316.3 crore, marking a significant milestone in its growth trajectory.

This impressive performance was driven by a robust increase in revenue, which crossed the INR 1,000 crore mark, highlighting InCred's strong market position and growing customer base.

One of the key highlights of InCred's financial performance in FY24 was its operating revenue, which grew by almost 47% year-on-year to INR 1,270 crore, up from INR 864.6 crore in FY23.

This substantial growth underscores InCred's ability to effectively capitalize on market opportunities and deliver value to its stakeholders.

Interest income continued to be a major contributor to InCred's revenue, accounting for the largest share and increasing by 45% year-on-year to INR 1,193.5 crore during the fiscal year.

This growth reflects InCred's strong lending portfolio and its ability to generate sustainable returns.

InCred's journey to becoming a unicorn company in 2023 is also worth noting. The company achieved this milestone after raising $60 million in its Series D funding round, which was led by Manipal Education and Medical Group's Ranjan Pai.

This funding round not only strengthened InCred's financial position but also validated its business model and growth potential in the financial services sector.

Looking ahead, InCred remains focused on further expanding its business and enhancing its product offerings to meet the evolving needs of its customers.

With a strong financial performance in FY24 and a clear growth strategy in place, InCred is well-positioned to continue its success story and deliver value to its shareholders, customers, and employees.

In conclusion, InCred's FY24 financial results underscore its resilience, adaptability, and commitment to excellence.

The company's strong performance in revenue and profit growth, coupled with its unicorn status and strategic funding, position it as a key player in the financial services industry.

As InCred continues to grow and innovate, it is set to redefine the landscape of financial services in India and beyond.