InCred Holdings, the 100% holding company of InCred Financial Services Limited (InCred Finance), has confidentially filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board
of India (SEBI), as per the public announcement.
The company, part of Bhupinder Singh founded InCred Group, is looking to tap the capital markets.
According to several reports, the IPO size could be in range between Rs 4,000-5000 crore. The IPO will comprise of fresh issue as well as an offer-for-sale.
InCred Finance is part of InCred Group, a diversified financial services group that has three distinct business – ‘InCred Finance’ the lending focused NBFC, ‘InCred Capital’ the integrated institutional platform and ‘InCred Money’ which is the retail wealth-tech investment distribution vertical.
The marquee investors are Abu Dhabi Investment Authority, TRS (Teacher Retirement System of Texas), KKR, Oaks, Elevar Equity, and Moore Venture Partners
Since inception in 2016, InCred Finance has disbursed loans worth over Rs 25,000 crore, serving more than 4 lakh customers through a network of 140+ branches and a workforce of 2,600+ employees. Personal Loan, Student Loan, Specialised MSME Loan, Secured Business Loan and Loans for Financial Institutions.
The lender has built scale with over Rs 12,585 crore (39% YoY growth) in assets under management (AUM) as of FY25, supported by disciplined risk management and the use of technology and data science to serve underserved customer segments.
The business operates with a diversified loan book which provides natural protection against segment-specific risks.
Bhupinder Singh, who previously co-headed Deutsche Bank’s Corporate Banking & Securities division for Asia-Pacific before founding InCred Group in 2016, has built a full-fledged diversified financial services platform under InCred Group.
InCred Finance, which merged with KKR India Financial Services in 2022 to form a joint entity under the InCred Finance brand, reported a standalone profit of Rs 372.2 crore and revenue of Rs 1,872 crore for the financial year ended March 2025 — a growth of 18.2% and 47.5%, respectively, over the previous year.
For the quarter ended June 2025, the company posted a profit of Rs 94.2 crore, up 7% from Rs 88 crore in the same period last year, while revenue rose 7.5% to Rs 579.7 crore from Rs 539.1 crore a year ago.
The listed shares of Incred Holdings Limited are trading at Rs 165 as of now.
