InCred Holdings Moves Ahead with IPO, Targets INR 1,250 Crore Fundraise

SEBI has received the updated draft red herring prospectus (UDRHP-I) from InCred Holdings, the parent company of InCred Financial Services, a prominent NBFC. The public offering of the company's stock will include both a new issuance of shares up to INR 1,250 Cr and an OFS of up to 9.9 Cr equity shares. KKR, Moore Strategic Ventures, and MEMG Family Office are among the investors who intend to sell their shares through the OFS.

The largest number of shares being sold by any stakeholder is 4 Cr, held by KKR India Financial Investments. Following this, MEMG Family Office LLP and MNI Ventures both had share offerings of up to 1.01 Cr. Dalmia Enterprises Holdings, represented by Mridu Hari Dalmia and Gaurav Dalmia, has 52 lakh shares; Moore Strategic Ventures, LLC has 63.4 lakh shares; and V'Ocean Investments Ltd has 67.1 lakh shares.

How InCred Plans to Utilise Proceeds?

The majority of the IPO funds will go toward supporting the lending operations of InCred Financial Services Limited (IFSL), the company's fully owned subsidiary. In addition to meeting the capital adequacy ratio (CRAR) standards set by the RBI for NBFCs, a part of the funds will be used to strengthen IFSL's Tier I capital base. This step will allow the company to increase its onwards lending and conform to their regulations. November of last year was the confidential filing date for InCred Holdings' IPO paperwork. It was given the green light to go ahead with the IPO in February by SEBI.

The three divisions of InCred Group, which Bhupinder Singh established in 2011, are InCred Money, a retail investment platform, InCred Capital, which manages wealth and assets, and InCred Finance, which is a loan platform. The primary lending operation of the group, which functions as an NBFC, is InCred Finance. It is a digital-first and paperless process lender that provides loans for individuals, schools, micro, small, and medium enterprises (MSMEs) and secured businesses.

Supported by technology and an extensive distribution network, it adheres to a risk-focused lending strategy. The value of its assets under management (AUM) was INR 14,500 Cr as of the end of 2025. Its CRAR was 24.97%, which was greater than the 15% minimum required by the RBI.

InCred Journey in India’s Financial Sector

Services like wealth management, asset management, and capital market advising are provided by InCred Capital to institutional investors, corporations, and affluent people. At the same time, the group's retail investment platform, InCred Money, lets customers digitally invest in things like bonds, mutual funds, and fixed deposits. Following its Series D investment round in 2023, which raised $60 million (around INR 500 crore), InCred Finance became a unicorn.

Ranjan Pai, chairman of the Manipal Education and Medical Group, presided over the round. Presently, InCred Holdings serves over 17,000 unique postal codes in India with its 158 locations located in 152 different cities. As of December 31, 2025, the number of users for its "InCred" app exceeded 4.5 lakh. In terms of money, compared to the same quarter last year, InCred Holdings' consolidated net profit increased 5.3% to INR 290.1 Cr (9M FY26). From INR 1,333.9 Cr in 9M FY25 to INR 1,848.9 Cr during the period under review, operating revenue increased by 38.6%.