InCred Finance has become India's latest unicorn after securing ?500 crore in funding. This is a testament to the enduring allure of sound business models and strong execution capabilities, even as venture capital has become a whole lot more expensive and scarce than in the prolonged period of near zero policy rates in the US, and more mature startups fail to get additional funding, thanks to an overvaluation overhang. The US Fed began raising its policy rates in March 2022, in response to rising inflation, amid expectations that the rate rising practice would continue for months on end. This expectation…