IPO · Financial Services
InCred plans to file IPO worth Rs 5,000-5,500 crore
By Startup Enthusiast ·
- Date
- Company
- InCred
- What it does
- Non-banking financial company
- Kind
- IPO
- Amount
- Rs 5,000-5,500 crore
- Based in
- Mumbai
- Founded
- 2016
- Sector
- Financial Services
What they do
InCred is a non-banking financial company (NBFC) offering loans, wealth management, and digital financial services
What happened
It plans to file a draft red herring prospectus (DRHP) within three weeks for an IPO of Rs 5,000-5,500 crore at a valuation of nearly Rs 25,000 crore
Why it matters
The company has a loan book above Rs 10,000 crore, posted a profit after tax of Rs 316 crore in FY25, and is backed by KKR
The details
- InCred is expected to file its draft red herring prospectus (DRHP) within three weeks as of 14 August 2025.
- The initial public offering (IPO) size is between Rs 5,000 crore and Rs 5,500 crore.
- The company is valued at nearly Rs 25,000 crore.
- Investment banks for the IPO include Nomura, UBS, and three domestic banks.
- Existing investor KKR backs the company.
- In July 2025, the Kamath brothers of Zerodha invested Rs 250 crore in InCred.
- Last year (2024), InCred acquired South Asian Stocks to enter retail broking.
- Also in 2024, it acquired the gold-loan portfolio of TruCap Finance.
The bigger picture
- The IPO will allow InCred to raise significant capital from public markets.
- The company has a strong financial track record with a loan book above Rs 10,000 crore and a profit after tax of Rs 316 crore in FY25.
- Recent investments from prominent investors like the Kamath brothers and KKR signal confidence in InCred's growth.
About the business
- InCred is a non-banking financial company (NBFC) founded in 2016 and headquartered in Mumbai.
- It offers personal loans, education loans, SME business loans, and digital merchant loans.
- The company focuses on credit segments overlooked by traditional banks.
- It uses advanced technology and data analytics for personalised lending.
- InCred also provides wealth management, investment banking, and digital financial services.
- The company has about 3,000 employees and 150 branches.
- Its loan book is above Rs 10,000 crore.
- In FY25, InCred posted a profit after tax (PAT) of Rs 316 crore.
What happens next
- File the draft red herring prospectus (DRHP) within three weeks.
- Proceed with the IPO process to raise Rs 5,000-5,500 crore.
The deal
- Type
- IPO
Investors
- KKR (existing) — Global investment firm backing InCred.
- Kamath brothers (participated) — Founders of Zerodha who invested Rs 250 crore in July 2025.
- Ranjan Pai (participated) — Invested $9 million in 2023 through MEMG.
- Ravi Pillai (participated) — Invested $5.4 million in 2023.
- Ram Nayak (participated) — Invested $1.2 million in 2023.
Founders
- Bhupinder Singh, Founder, whole-time director and CEO
Other articles talking about it
More on InCred
- InCred launches 'Ask InCred' campaign with Shreyas Iyer7 May 2025 · Launch
- InCred names Shreyas Iyer as brand ambassador20 February 2025 · Partnership
- InCred Group plans insurance and mutual fund ventures4 November 2024 · Launch · ₹300 crore
- InCred posts Rs 316 crore profit in FY2410 June 2024 · Results
- InCred turns unicorn after Series D round25 December 2023 · Funding · Rs 500 crore ($60M)
- InCred raises ₹31.4 crore in second debt round6 November 2019 · Funding · ₹31.4 crore