KKR-backed unicorn lender, Incred Finance, has increased its profit after tax to Rs. 316.35 crore in FY2024 from Rs. 120.92 crore in FY2023, a strong 45% increase in interest income.

The company's interest income rose to Rs 1, 193.14 crore in FY2024 from Rs 822.82 crore in the previous fiscal. Accordingly, operating income increased by 46.8 per cent to Rs 1, 269.96 crore in FY2024.

At the same time, the company's expenses increased significantly from Rs. 633.52 crore in FY2023 to Rs. 871.35 crore in FY2024, up 37.5%. Fiscal expenditure, which accounts for almost half of the total expenditure, increased by 27.8 per cent to Rs. 454.84 crore in FY2024 from Rs. 355.83 crore in FY2023. Employee benefit expenses have also increased significantly, increasing by 36.3 per cent to Rs. 261.38 crore in FY 2024 from Rs. 191.67 crore in the previous year.

The basic diluted earnings per share of the start-up financier is Rs 6.76 in FY 2024.

The company's total assets under management stood at Rs 9,039 crore, an increase of 49.1 per cent from Rs 6,062 crore in 2023.

Incred Finance is a non-banking financial company founded in 2016 by former Dutch bank executive Bhupinder Singh. With a presence in over 24 cities across India, Singapore and the Middle East, Incred offers a range of products and services, including personal loans, education loans, SME business loans, and digital lending platforms.

The company became a unicorn in December last year after raising $60 million in a Series D round led by Ranjan Pai of Manipal Education and Medical Group (MEMG), Ravi Pillai, chairman of RP Group of Companies, and Ram Nayak, global co-head of investment banking and head of fixed income and currency division at Deutsche Bank. Head of Fixed Income and Currency at Deutsche Bank.