IPO · Financial Services

InCred Holdings files for $460-560 million IPO

By Startup Enthusiast · 15 September 2025

What they do

InCred Holdings is a tech-first non-banking financial company (NBFC) offering consumer, SME and education loans

The company plans a $460-560 million IPO with a Rs 1,500 crore fresh issue and a Rs 300 crore pre-IPO placement

InCred Finance, its main arm, posted Rs 1,872 crore revenue in FY25, up 47% year-on-year

InCred Holdings is planning an initial public offering (IPO) of $460-560 million.
The IPO includes a fresh issue of Rs 1,500 crore (about $172 million).
A pre-IPO placement of Rs 300 crore will be part of the fresh issue.
The board will approve a resolution to issue Rs 1,500 crore in equity.
The company will file a draft red herring prospectus (DRHP) with market regulator SEBI.
After regulatory approvals, InCred will list on the BSE and NSE stock exchanges.

InCred Finance, the main lending arm, has raised over $370 million to date.
Its Series D round of $60 million made InCred a unicorn (a startup valued at over $1 billion).
InCred Capital separately raised $50 million from family offices.

InCred Holdings is a tech-first NBFC that uses proprietary risk analytics, data science and digital-first operations.
It serves retail and MSME borrowers across India in consumer, SME and education lending.
The group has three entities: InCred Finance (lending), InCred Capital (wealth & asset management, M&A advisory, capital markets, equity research, broking), and InCred Money.
InCred Finance reported FY25 revenue of Rs 1,872 crore, up 47% from Rs 1,270 crore in FY24.
Its FY25 profit was Rs 374 crore, up 18% year-on-year.