InCred Holdings wants to raise $560M via IPO in India
What's the story
InCred Holdings, a tech-first non-banking financial company (NBFC), is gearing up for an initial public offering (IPO) with an issue size of $460-560 million. The company plans to raise ₹1,500 crore (around $172 million) through a fresh issue of shares. As per internal documents reviewed by Entrackr, the company's board will approve a resolution for this equity share issuance.
Fundraising strategy
Pre-IPO placement and regulatory approvals
InCred Holdings also plans to raise ₹300 crore via a pre-IPO placement, which will be included in the fresh issue. The company is in the process of filing its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). After getting regulatory approvals, its stocks will be listed on both BSE and NSE.
Company profile
About InCred Holdings
Founded by Bhupinder Singh, InCred is a tech-first NBFC focusing on consumer, SME, as well as education lending. The company uses proprietary risk analytics, data science, and digital-first operations to cater to retail and MSME borrowers across India. The InCred Group has three entities: InCred Finance, InCred Capital, and InCred Money.
Financial growth
Financial performance and funding history
InCred Finance has raised more than $370 million to date, including $60 million in its Series D round. This round also marked the company's entry into the unicorn club. On the financial front, InCred Finance posted a 47% YoY jump in revenue to ₹1,872 crore in FY25 from ₹1,270 crore in FY24. The company's profits also grew by 18% to ₹374 crore during this period.