IPO · Financial Services

InCred files DRHP for ₹1,250 crore IPO with fresh issue and OFS

What they do

InCred is a tech-driven lender focusing on retail loans like personal and student finance

The company filed its updated DRHP with SEBI seeking ₹1,250 Cr in fresh capital plus share sales

Revenue grew 39% to ₹1,849 Cr while net profit remained steady at ₹290.1 Cr, signaling strong top-line expansion

InCred Holdings submitted an updated DRHP to SEBI between 7-8 May 2026 for an initial public offering.
The IPO includes a fresh issue of ₹1,250 Cr alongside an Offer for Sale (OFS) of up to 9.9 Cr equity shares.
Proceeds from the fresh issue will be used to augment Tier I capital base and support capital adequacy requirements.
Existing investors including KKR, MNI Ventures, and Mohandas Pai Family are participating in the OFS portion.
The company reported revenue of ₹1,849 Cr for the nine months ending FY26, representing a 39% year-on-year growth.
Net profit remained steady at ₹290.1 Cr during the same period compared to the previous year.
Interest income constituted over 90% of total revenue, rising 39% to ₹1,689 Cr.
Fees and commission income saw significant growth of 58.9% reaching ₹149.8 Cr.

InCred ranks as the second fastest growing diversified NBFC by AUM CAGR between FY23 and FY25 according to CRISIL Intelligence.
The company operates behind peer Poonawalla Fincorp in terms of growth speed within the diversified NBFC segment.
It competes with major players such as Bajaj Finance, Aditya Birla Capital, and HDB Financial Services.
Historical funding exceeded $450 Mn raised from investors like Varanium Capital Advisors and Sattva Group.

InCred functions as a retail-focused diversified middle-layer NBFC with a tech-driven lending model.
Its primary vertical InCred Finance contributes more than 99.8% of total revenue through lending activities.
Personal loans make up 55.6% of AUM targeting salaried individuals earning above ₹40k per month.
Student loans account for 22.2% of AUM serving STEM and business post-graduates in NA and Europe.
Other products include secured business loans, MSME financing, and loans to Financial Institutions.
The firm also provides LAP working capital, school financing for K-12 Tier II/III schools.
Additional offerings involve embedded marketplace financing and asset-backed SME/mid-corp loans.
Term loans are extended to smaller NBFCs to support their liquidity and operational needs.
Total assets under management stood at approximately ₹14,448 Cr as of December 2025.

The company aims to complete the IPO process following the DRHP submission.
Proceeds will strengthen the Tier I capital base for future lending capacity.

KKR (seller) — Global investment firm participating in the OFS.
MNI Ventures (seller) — Venture arm involved in the offer for sale component.
Mohandas Pai Family (seller) — Family office of former Infosys CFO selling shares via OFS.