In a separate news, last week, InCred Finance, the consumer and MSME lending arm of the InCred Group, appointed Gaurav Maheshwari as its chief financial officer.

Out of his close to three decades of experience, Maheshwari  more than two decades at Standard Chartered Bank, where he served as Cluster CFO for India and South Asia. He also worked at senior roles at Altico Capital, Reuters India, and Coca-Cola India. 

Bhupinder Singh, founder and Group CEO, InCred, said, "Gaurav’s deep expertise and proven leadership make him a critical addition to our executive team. His insights will be instrumental in driving business performance, enhancing capital efficiency, and strengthening governance as we continue to scale our operations. I am confident he will play a pivotal role in shaping the next phase of InCred Finance’s growth.”

Last year in December, the fintech firm achieved unicorn status after raising $60 million in a Series D round. The company counts Ranjan Pai, KKR, Oaks, Investcorp, Moore Capital, and Elevar Equity among its investors.

For FY 2024, the company reported Rs 1267 crore in revenue from operations and a profit after tax (PAT) of Rs 316 crore. With a loan book exceeding Rs 11,000 crore and a network of over 100 branches across India, InCred Finance claims to have enabled credit access for more than 500,000 households.