InCred Files ₹3,000 - ₹4,000 Cr IPO via Confidential Route
InCred Holdings, the parent of NBFC major InCred Financial Services, has filed draft papers with the Securities and Exchange Board of India (SEBI) for a ₹3,000–4,000 crore initial public offering (IPO).
The filing was made under the confidential pre-filing route, which allows companies to seek regulatory feedback before making IPO details public.
Inside InCred’s IPO Plan
InCred confirmed that it had submitted the pre-filed Draft Red Herring Prospectus (DRHP) to SEBI and the stock exchanges on November 9. The company is targeting a main-board listing on both the NSE and BSE.
The IPO will include both fresh issue and offer-for-sale components, with the company seeking shareholder approval to raise up to ₹1,500 crore via new shares. It may also execute a ₹300 crore pre-IPO placement ahead of the listing.
Market analysts say the confidential filing route offers an advantage in volatile markets. It allows issuers to update financials, adjust valuation expectations, and withdraw quietly if market sentiment weakens, a practical choice amid rising IPO activity in FY26. However, filing a pre-filed DRHP does not necessarily mean the company will proceed with the IPO.
InCred’s Growth Story and Financial Performance
Founded in 2011 by Bhupinder Singh, InCred Holdings leads a diversified group spanning three verticals:
- Lending (InCred Finance)
- Institutional Wealth and Asset Management (InCred Capital)
- Retail investment platform (InCred Money)
Since its lending arm began operations in 2016, InCred Finance has disbursed more than ₹25,000 crore in loans to over 4 lakh customers, catering to a mix of personal, MSME, education, and institutional borrowers. The company operates through 140 branches across India with a workforce of over 2,600 employees.
Its assets under management (AUM) grew 39% year-on-year to ₹12,585 crore in FY25, supported by strong loan demand and prudent credit evaluation.
Financially, InCred Finance reported a net profit of ₹372 crore in FY25, an 18% YoY rise, while total income climbed 50% to ₹1,255 crore. The company maintains a capital adequacy ratio of 26% and a Net NPA of just 0.7%, underscoring its focus on asset quality and disciplined risk management.
InCred Finance entered India’s unicorn club in 2023, following a $60 million (₹500 crore) Series D round led by Ranjan Pai of the Manipal Education and Medical Group.
InCred Capital, founded in 2019, is the group’s institutional and wealth management arm. It provides investment banking, advisory, and portfolio services to high-net-worth individuals and institutional clients, combining global expertise with local insight. According to the company’s annual report, InCred Capital reported standalone revenue from operations of ₹164.91 crore in FY25.
InCred Money, launched in May 2023 through the acquisition of Orowealth, expands the group’s reach into digital wealth and retail investing. With an AUM exceeding ₹1,350 crore, it leverages InCred’s credit expertise and institutional network to make alternate investments accessible and reliable for individual investors.
InCred’s performance is a strong example of how new-age NBFCs are blending digital innovation with traditional lending principles to build scalable, profitable financial ecosystems.
What This IPO Could Mean for India’s Fintech Sector
The IPO filing signals confidence in India’s NBFC and tech growth story, especially amid rising investor interest in diversified financial platforms.
InCred joins a new wave of tech-driven institutions, including Groww, Pine Labs, and PhysicsWallah, preparing to go public through the confidential route.
Experts view this as a sign of maturity in India’s private market, where well-capitalized fintechs are transitioning from growth mode to profit-focused, public-ready models
According to analysts, investor sentiment toward profitable NBFCs remains strong. With Nifty Financial Services up by 14% YTD and liquidity improving after the Cash Reserve Ratio (CRR) cut, the timing could work in InCred’s favor.
Conclusion
InCred’s confidential IPO filing highlights both confidence and caution, confidence in its financial strength, and caution in timing the market smartly. The company’s strong growth record and diversified business lines provide a solid base for a listing.
As Indian fintechs mature and the IPO pipeline builds, one question remains: Will InCred’s market debut open the door for more NBFCs to follow, or will it test the limits of investor appetite for digital lenders?
References:
Mint
Inc42
InCred Capital, Annual Report
InCred Money
Economic Times
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