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Mumbai: InCred Holdings Limited, the parent company of non-banking financial company (NBFC) InCred Financial Services, has filed a confidential Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO).
The filing — under SEBI’s pre-filing mechanism — marks the company’s formal step toward going public. Market sources indicate that the proposed IPO could be in the range of ₹4,000–₹5,000 crore, including a pre-IPO placement of around ₹300 crore. The proposed issue is expected to include both a fresh issue of shares and an offer for sale (OFS) by existing shareholders.
InCred, in its official announcement published in newspapers on November 9, confirmed the confidential filing, noting that it has filed the Pre-filed DRHP with SEBI and the stock exchanges in accordance with SEBI regulations governing IPOs. However, the company also clarified that the filing of the DRHP does not guarantee that the IPO will be executed.
Strategic Move Ahead of Fintech Expansion
If the IPO materializes, InCred Holdings will become one of the latest new-age fintech companies to debut on Indian stock exchanges, following Groww and Pine Labs, both of which successfully launched their public issues earlier this month. The listing of InCred would further bolster the growing trend of digital-first financial services companies entering India’s public markets.
The move is part of InCred’s long-term strategy to expand its capital base and enhance its visibility in India’s highly competitive lending and wealth management space. The company aims to leverage public market participation to scale up its lending operations, invest in technology, and strengthen its presence in retail and institutional financial services.
Board and Shareholder Approvals in Place
The Board of Directors of InCred Holdings had approved the IPO proposal on June 16, 2025, followed by shareholder approval on October 1, 2025, paving the way for the current SEBI filing. The confidential route allows the company and its advisors to engage with the regulator and modify disclosures before making the DRHP public, providing flexibility in timing and structure.
This mechanism — introduced by SEBI in late 2022 — has increasingly been adopted by companies, especially in the fintech and technology sectors, to maintain confidentiality until the final decision to proceed with listing is made.
A Diversified Financial Platform
Founded in 2016 by Bhupinder Singh, a former Co-Head of Investment Banking and Securities at Deutsche Bank (Asia Pacific), the InCred Group has evolved into a diversified financial services platform operating across three main verticals:
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InCred Finance – a lending-focused NBFC providing personal loans, education finance, and SME lending;
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InCred Capital – an institutional, asset, and wealth management platform catering to high-net-worth and corporate clients;
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InCred Money – a digital investment distribution platform targeting retail investors.
The Mumbai-headquartered firm is backed by several marquee global investors, including the Abu Dhabi Investment Authority (ADIA), Teacher Retirement System of Texas (TRS), KKR, Oaks Asset Management, Elevar Equity, and Moore Venture Partners.
Strong Financial Performance and Growth Momentum
InCred Financial Services, the group’s flagship NBFC arm, has shown robust growth in recent years. For the financial year ended March 2025 (FY25), the company reported a profit of ₹372.2 crore and revenue of ₹1,872 crore, registering year-on-year growth of 18.2% and 47.5%, respectively.
The company’s lending book has diversified across consumer, SME, and education finance, supported by technology-led underwriting and strong asset quality management.
In the quarter ended June 2025 (Q1 FY26), InCred Financial Services posted a net profit of ₹94.2 crore, up 7% from ₹88 crore a year earlier. Revenue during the same period rose 7.5% year-on-year to ₹579.7 crore, from ₹539.1 crore in the corresponding quarter of the previous year.
These consistent financial results reflect the company’s steady expansion, disciplined credit underwriting, and growing brand recall in the retail lending ecosystem.
Background: Merger with KKR India Financial Services
A key milestone in InCred’s growth journey was its 2022 merger with KKR India Financial Services, which created a stronger balance sheet under the unified InCred Finance brand. The merger integrated KKR’s institutional-grade governance standards and financial discipline with InCred’s technology-driven, customer-first approach.
This partnership positioned InCred as one of India’s few homegrown NBFCs with both retail lending capabilities and institutional investor backing, giving it a competitive edge in scaling operations while maintaining credit quality.
Fintech IPO Momentum Continues
InCred’s potential listing comes amid renewed investor interest in India’s fintech IPO pipeline, after a period of cautious optimism in the sector. Market analysts view InCred’s pre-filing as a sign of increasing confidence among fintech players to tap public markets as valuations stabilize and profitability strengthens.
With InCred, Groww, and Pine Labs all pursuing or completing listings in 2025, the Indian fintech ecosystem appears to be entering a new phase of maturity, moving from growth-driven private funding cycles to transparent, compliance-oriented public listings.
Industry experts note that InCred’s diversified business model, profitable operations, and strong institutional shareholding could make it one of the more stable fintech IPO candidates. The IPO proceeds are likely to be used for capital augmentation, technology investments, and potential inorganic growth opportunities.
Founder’s Vision
Founder and Group CEO Bhupinder Singh has consistently emphasized the company’s mission to make credit and investment access “simple, inclusive, and technology-led.” In several past interviews, Singh has outlined InCred’s goal to bridge the financing gap for India’s aspiring middle class while maintaining prudent risk management and leveraging advanced analytics.
Outlook
With India’s NBFC sector witnessing consolidation and stricter regulatory oversight, InCred’s planned IPO could serve as a bellwether for the future of digitally enabled, diversified financial institutions in the country.
If successful, InCred’s market debut would not only strengthen its capital base but also reinforce investor confidence in the sustainability and scalability of fintech-driven lending models.
