Status: Completed investment
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Why disclosure?

FMO is committed to making publicly available relevant investment information that informs stakeholders and enables them to engage directly with FMO on its investments which, in turn, enhances our investment decisions, the design and implementation of projects and policies, and strengthens development outcomes. Learn more

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The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.

Who is our customer

InCred is a Non-Banking Financing Company (“NBFC”) providing access to finance for under-banked individuals and businesses in India. InCred has diversified its activities into: SME business loans, education loans, two-wheeler loans, lending to small NBFCs and MFIs and individual loans and is headquartered in Mumbai, India. InCred’s model leverages on cutting edge technology and data science to increase access to finance and make financials services for its customers quick and easy. InCred started lending in 2017, is rapidly growing and profitable since its first year of operations.

What is our funding objective?

The equity investment FMO is contemplating is to support the increased inclusive outreach of the company, providing the capital buffer needed to grow InCred’s loan book.

Why do we fund this investment?

The proposed investment provides capital to support InCred's next growth stage. FMO will play an active role in incorporating Environmental, Social and Corporate Governance principles in the organisation and will support with improving impact reporting.

What is the Environmental and Social categorization rationale?

E&S category C, in accordance with FMO’s Sustainability Policy. InCred’s main business activities are loans to MFIs, schools and trade related transaction with SME’s. This is all deemed to have limited adverse environmental and social risks. As part of this facility, InCred will be required to apply the EDFI Exclusion List and national E&S laws and regulations. As part of regulatory compliances, InCred adopted the Fair Practices Code covering principles to disclose terms and conditions of loans, adopting noncoercive recovery, a grievance mechanism and privacy guidelines.

Financial Institutions
Publication date
Effective date
End date
Total FMO financing
INR 2450.00 MLN
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk Environmental & Social Category
(A, B+, B or C)