InCred Holdings files confidential DRHP for $338-$450m IPO
India-based InCred Holdings, the holding company of InCred Financial Services (InCred Finance), has submitted a confidential draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) for the proposed initial public offering (IPO).
The IPO is expected to raise Rs30bn-RS40bn ($338.2m – $450.9m) and will see fresh issuance of shares and an offer for sale.
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The board of directors of InCred Holdings approved the capital raising via IPO in June 2025. This follows approval from shareholders, which was secured on 1 October, reported MoneyControl.
As of financial year 2024-25, InCred Finance reported assets under management (AUM) of Rs125.85bn and a net profit of Rs3.72 bn for the last fiscal year.
Founded in 2016 by Bhupinder Singh, InCred Group operates across three main verticals: InCred Finance, focusing on new-age lending as a non-banking financial company (NBFC); InCred Capital, providing institutional, asset, and wealth management services; and InCred Money, a digital investment distribution platform.
The group is backed by investors including Abu Dhabi Investment Authority, Teacher Retirement System of Texas (TRS), KKR, Oaks, Elevar Equity, and Moore Venture Partners.
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By GlobalDataBhupinder Singh previously served as co-head of investment banking and securities for Deutsche Bank in the Asia Pacific region before founding InCred Group.
InCred Finance merged with KKR India Financial Services in 2022 to form a joint entity under the InCred Finance brand.
For the financial year ended March 2025, InCred Finance recorded a standalone profit of Rs3.72bn and revenue of Rs18.72bn—year-on-year increases of 18.2% and 47.5%, respectively.
In the quarter ending June 2025, net profit of InCred Finance rose to Rs 942m from Rs880m year-on-year, reflecting a growth of 7%.
Revenue for the same period increased by 7.5% to Rs 5.79bn from Rs5.39bn in the corresponding quarter last fiscal year.
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