📰 Inside the Rs 475 Crore Series A Raise by InCred’s Vivek Bansal & Sunil Daga: A Bold New NBFC Venture
In the fast-evolving landscape of Indian finance, new-age non-banking financial companies (NBFCs) are reshaping the contours of credit distribution. Leading the charge in 2025 are two financial stalwarts: Vivek Bansal, Group CFO at InCred, and Sunil Daga, a former executive at Kotak Mahindra Bank. Together, they’ve launched a fresh NBFC venture and secured a massive Rs 475 crore in Series A funding, making waves across India’s financial ecosystem.
This article explores the duo’s new initiative, investor sentiment, how they secured the funds, the strategic play behind this launch, and what it means for India’s credit economy.
🧑💼 Meet the Founders: Vivek Bansal and Sunil Daga
🔹 Vivek Bansal
As the Group CFO at InCred, Vivek Bansal has built a reputation for financial innovation and strategic capital raising. Under his leadership, InCred has grown from a digital lending startup to a significant player in the consumer and MSME lending sectors.
🔹 Sunil Daga
A respected name in Indian banking, Sunil Daga was the Executive Vice President at Kotak Mahindra Bank. Known for scaling Kotak’s wholesale lending division, Daga brings a wealth of experience in corporate finance, loan syndication, and risk management.
🧠 Why They Joined Forces
Their combined experience bridges digital-first lending (InCred) and large-scale commercial lending (Kotak), offering a hybrid NBFC model poised to thrive in India’s credit-hungry markets.
💰 The Rs 475 Crore Series A: Who Invested?
The Series A round was led by a mix of domestic and global institutional investors, including:
- Private Equity Funds with a focus on financial services
- Family Offices from India’s top business houses
- High-Net-Worth Individuals (HNIs) with fintech portfolios
- Participation from existing InCred investors, indicating strong trust in Bansal’s leadership
📈 Capital Allocation
- 60% for lending book expansion
- 20% toward tech infrastructure and AI-based risk models
- 15% for talent acquisition and compliance
- 5% for brand positioning and market entry
🏦 Why Launch Another NBFC in a Crowded Market?
1. Untapped Tier 2 & Tier 3 Credit Demand
While metros are saturated, semi-urban and rural India continues to face a massive credit gap—especially for small businesses and salaried individuals. This new NBFC aims to plug that hole using a phygital model (physical + digital).
2. Regulatory Tailwinds
Post-COVID, the RBI has issued guidelines to encourage responsible lending by new NBFCs. Well-capitalized NBFCs with good governance are seeing faster approvals and access to cheaper debt.
3. Digital Transformation of Lending
With the rise of Account Aggregator (AA) and India Stack APIs, NBFCs can now access, verify, and underwrite credit faster. This reduces cost of acquisition and delinquency.
🔍 Strategic Differentiators of the New NBFC
| Feature | Strategic Value |
|---|---|
| Hybrid Lending Model | Mix of secured and unsecured loans |
| AI-Based Underwriting | Real-time risk scoring using banking, GST, and bureau data |
| Partnership-Driven Expansion | Co-lending and distribution alliances with fintechs |
| Digital-First, Branch-Light | Focus on mobile onboarding and document verification |
| Strong Governance | Backed by experienced board and investor oversight |
📊 Product Offerings at Launch
The NBFC will initially focus on:
- Personal Loans (Salaried and Self-Employed)
- Working Capital Loans for MSMEs
- Secured Loans Against Property (LAP)
- Co-lending with Banks & Fintechs
- Digital EMI Financing for B2B/B2C Retailers
Future Pipeline:
- Education financing
- Supply chain financing
- Green energy loans
🌐 Target Market and Distribution Channels
🏙️ Urban + 📍 Semi-Urban Focus
Initial operations will begin in Delhi NCR, Maharashtra, Gujarat, and Karnataka, expanding to 25 cities by FY26.
🚀 Omni-Channel Go-To-Market (GTM)
- Mobile-first onboarding for customers
- Agent-led acquisition in rural zones
- Digital marketing via content and search engines
- Fintech APIs for embedded finance models
📣 Investor Reactions & Market Sentiment
The Rs 475 crore raise has sparked discussions across financial circles.
“This isn’t just another NBFC. This is a leadership-led platform with the pedigree of InCred and Kotak behind it. Investors are betting on discipline, not just digital,” said a PE analyst from Mumbai.
“India’s next $10 billion NBFC may well be born from this team,” noted a fintech VC from Bengaluru.
🔎 How the Venture Stands Out in the NBFC Landscape
| Company | Year Founded | Focus | Series A Raised |
|---|---|---|---|
| InCred | 2016 | Consumer Lending | $75M+ |
| Aye Finance | 2014 | MSME Loans | $120M |
| Lendingkart | 2014 | Working Capital | $120M |
| New NBFC (Bansal-Daga) | 2025 | Hybrid Lending | ₹475 Cr (~$57M) |
The Bansal-Daga NBFC is launching with one of the largest Series A rounds in NBFC history, showcasing investor confidence despite macroeconomic caution.
🧩 Challenges to Watch
- NPA Management: AI-powered credit models must still battle economic uncertainties and borrower defaults.
- Regulatory Audits: RBI scrutiny remains high post IL&FS and DHFL crises.
- Fintech Competition: Razorpay, Cred, and other fintechs are eyeing NBFC licenses.
- Capital Utilization Discipline: Aggressive scaling often leads to governance slip-ups if not monitored well.
📘 What It Means for the Indian Lending Ecosystem
🏦 For Banks
This NBFC may become a preferred co-lending partner, especially in unbanked segments.
👨💼 For Borrowers
Faster approvals, competitive interest rates, and credit to underserved markets.
💼 For Fintechs
More APIs and B2B opportunities via embedded lending.
📈 For Investors
Proof that India’s NBFC sector is still lucrative when led by proven financial leaders.
📌 Conclusion: A Landmark Move in India’s Credit Evolution
With their Rs 475 crore Series A funding secured, Vivek Bansal and Sunil Daga’s NBFC is poised to redefine lending in India by blending institutional trust, digital agility, and a borrower-first mindset.
In an era of caution, this bold bet signals that NBFCs are not dying—they’re evolving. Backed by deep financial expertise and cutting-edge tech, this new venture might just be the next giant in India’s lending revolution.
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