IPO · Financial Services
InCred Holdings files for IPO with Sebi
By Startup Enthusiast ·
- Date
- Company
- InCred Holdings
- What it does
- Holding company for financial services
- Kind
- IPO
- Amount
- Rs 3,000-4,000 crore
- Stage
- filed
- Founded
- 2011
- Sector
- Financial Services
What they do
InCred Holdings is the holding company of InCred Financial Services, an NBFC
What happened
It filed confidential DRHP for a main board IPO of Rs 3,000-4,000 crore
Why it matters
The IPO includes a fresh issue of Rs 1,500 crore and an offer-for-sale
The details
- InCred Holdings filed a confidential DRHP with SEBI on 6 November 2025 for a main board IPO on BSE and NSE.
- The IPO size is Rs 3,000-4,000 crore, comprising a fresh issue and an offer-for-sale.
- The fresh issue component is Rs 1,500 crore.
- A pre-IPO placement of up to Rs 300 crore has been approved.
- InCred Holdings is the 100% holding company of InCred Financial Services (InCred Finance).
- The IPO proceeds will be used to bolster the capital base of the lending arm and fund expansion across verticals.
- The confidential pre-filing route allows flexibility to revise details or defer listing based on market sentiment.
The bigger picture
- InCred Finance entered the unicorn club in 2023 with a $60 million (Rs 500 crore) Series D led by Ranjan Pai.
- Other companies that used the confidential route include Swiggy, Groww, and Tata Capital.
- InCred Finance's AUM grew 39% YoY to Rs 12,585 crore in FY25.
About the business
- InCred Holdings is the holding company of InCred Financial Services (InCred Finance).
- InCred Group has three verticals: InCred Finance (lending NBFC), InCred Capital (institutional wealth/asset management), and InCred Money (retail wealthtech/investment distribution).
- InCred Finance offers personal loans, student loans, specialised MSME loans, secured business loans, and loans to financial institutions.
- InCred Finance has disbursed loans worth over Rs 25,000 crore since inception in 2016.
- It serves 4+ lakh customers through 140+ branches and 2,600+ employees.
- InCred Finance's AUM was Rs 12,585 crore in FY25, with 39% YoY growth.
- InCred Finance's FY25 net profit was Rs 372 crore (18% YoY growth).
- InCred Finance's FY25 total income was Rs 1,255 crore (50% YoY growth).
- InCred Finance's capital adequacy ratio is 26% and net NPA is 0.7%.
What happens next
- IPO proceeds will bolster the capital base of the lending arm and fund expansion across verticals.
The deal
- Type
- IPO
Investors
- Abu Dhabi Investment Authority (participated)
- TRS (Teacher Retirement System of Texas) (participated)
- KKR (participated)
- Oaks (participated)
- Elevar Equity (participated)
- Moore Venture Partners (participated)
Founders
- Bhupinder Singh, Founder
Other articles talking about it
More on InCred Holdings
- InCred files DRHP for ₹1,250 crore IPO with fresh issue and OFS7 May 2026 · IPO · ₹1,250 Cr
- SEBI clears IPOs of InCred and SEDEMAC6 February 2026 · IPO · ₹3,000 Cr to ₹4,000 Cr
- InCred Holdings files for $460-560 million IPO15 September 2025 · IPO · Rs 1,500 crore
- Zerodha co-founders invest ₹250 crore in InCred Holdings23 June 2025 · Funding · ₹250 crore