Funding · Financial Services

Zerodha co-founders invest ₹250 crore in InCred Holdings

By Startup Enthusiast · 23 June 2025

What they do

InCred Holdings is the parent of InCred Financial Services, a tech-first NBFC

Zerodha co-founders Nithin and Nikhil Kamath invested ₹250 crore in the company

The investment comes as InCred is in advanced talks to file for an IPO by October 2025

Zerodha co-founders Nithin Kamath and Nikhil Kamath invested ₹250 crore in InCred Holdings.
InCred Holdings is the parent company of InCred Financial Services Ltd (IFSL), a tech-first NBFC (non-banking financial company).
The investment is seen as an endorsement of InCred ahead of its planned IPO.
InCred is in advanced discussions to file IPO documents by October 2025.
The IPO is expected to raise ₹4,000-5,000 crore (about $470-590 million).
The company's valuation is estimated between $1.8 billion and $2.5 billion.
Nikhil Kamath said India's credit ecosystem is becoming more formal, digital, and accessible.

InCred has raised over $370 million to date across its entities.
InCred Finance raised a $60 million Series D and became a unicorn.
InCred Capital raised $50 million from family offices.
Zerodha, founded in 2010 by the Kamath brothers, is India's largest retail stock brokerage by volume, bootstrapped and profitable.

InCred Holdings is the parent of three entities: InCred Finance (NBFC), InCred Capital (wealth & investment banking), and InCred Money (mutual fund distribution & investment advisory).
It focuses on consumer lending, SME loans, and education financing.
The company uses proprietary risk analytics, data science, and digital-first operations.
InCred is headquartered in Mumbai and has a pan-India reach.

Nithin Kamath (lead) — Co-founder of Zerodha, India's largest retail stock brokerage.
Nikhil Kamath (lead) — Co-founder of Zerodha; invests through family office and ventures like Gruhas.