Mumbai-based digital lending startup InCred witnessed a monumental growth, as its consolidated revenues rose to ₹132.44 crore in FY18, from merely ₹2.41 crore in FY17, witnessing a 55-fold growth, according to the companies RoC filing with the MCA, sourced by Entrackr.
As the revenues soared, the fintech startup managed to turn its losses of ₹5.33 crore for the group of companies, to profit amounting to ₹9.38 crore.
The bulk of the revenue was attributed to the interest income, which amounted to ₹92.95 crore in the FY18, growing more than 200 times from ₹41.39 lakh in FY17. A major boost to the revenue also came from fee income, which grew to ₹21.52 crore in FY18, from ₹57.67 lakh in FY17.
While the fintech startup managed to turn profits, its expenses increased significantly to ₹116.77 crore in FY18, from merely ₹7.58 crore in FY17. A major portion of the expenses was contributed by growing employee benefit expenses, which stood at ₹43.88 crore in FY18.
InCred was founded by Bhupinder Singh in 2016. The fintech startup offers a hassle-free digital lending platform, leveraging technology and data science, to simplify and enhance the borrowing experience. The startup offers loans for various purposes like personal, home, two-wheeler, education, and SME.
Earlier this month, it was reported that InCred raised ₹300 crore in a round from founder and Paragon Partners, along with other private equity investors.
With the strong financial in the FY18, the digital lending startup is well poised to carry on its growth trajectory in the next fiscal, as the digital lending segment continues to grow.