Anshu Jain backed InCred disburses Rs 100 crore within months

MUMBAI: InCred, the new age financial services company backed by industry doyens, has reached a milestone within months since it began its operations in February this year.

The new age financial services company has disbursed Rs 100 crore loans to about 1000 customers in less than 100 days, the company said in a release on Wednesday.

“Bulk of the disbursements have happened in the housing and small business segment,” said Bhupinder Singh, founder and CEO, InCred, who was a former co-head of Deutsche Bank's corporate banking business in Asia Pacific.

“By leveraging technology, we were able to fulfil our customers’ requirements very quickly in a hassle-free manner” he said in a release.

InCred has disbursed loans across a broad range of ticket size from Rs 50,000 to 10 crore.

Industry veterans including Anshu Jain, former Co-Chief of Deutsche Bank, Manipal Group’s managing director and CEO Ranjan Pai and Gaurav Dalmia, founder and chairman of Landmark Holdings (Dalmia Group) have backed the non-banking finance company with strategic investments.

Jain is the chairperson of the advisory board of InCred which also includes former Chairman and Managing Director of Bank of Baroda, MD Mallya.

InCred offers loans for four categories including home, consumer, education and small to medium enterprises.The company focusses on the affordable housing segment for loans of Rs 10-30 lakhs.

“While we are growing, and expanding our loan book across various sectors and product categories, we are focused on product design and innovation to deliver products catering to the specific needs of our customers,” said Singh.

Customers can also access InCred products on multiple channels through its growing network of branches besides very convenient web and mobile platforms. InCred has established strategic partnerships with vendors that are able to enhance customer reach.