InCred Holdings, one of India’s fastest-growing fintech firms, is gearing up for a blockbuster IPO with plans to raise ₹1,500 crore (around $172 million) via a fresh issue of shares. The company’s total IPO size is expected to fall between $460 million and $560 million, marking one of the most significant listings in the financial services sector this year.
According to internal documents reviewed by Entrackr, InCred’s board is preparing to approve a resolution to issue equity shares worth up to ₹1,500 crore. The fresh issue will be supported by a pre-IPO placement of ₹300 crore, which will also be counted as part of the total fresh issue size. The company is in the process of filing its draft red herring prospectus (DRHP) with SEBI and is aiming for listings on both the BSE and NSE, subject to regulatory clearances.
While InCred declined to comment officially, the development signals the fintech’s growing ambition to expand its footprint and bolster its balance sheet as it prepares for wider investor scrutiny.
A Fintech Powerhouse on the Rise
Founded by Bhupinder Singh, InCred operates as a technology-first non-banking financial company (NBFC) focusing on retail lending, SME financing, and education loans. The company’s edge comes from its proprietary risk analytics, data science-driven decision-making, and digital-first operations designed to serve a diverse customer base across India.
The InCred ecosystem comprises three key entities:
- InCred Finance – Focuses on retail, education, and SME loans.
- InCred Capital – Offers wealth management, M&A advisory, and capital markets services.
- InCred Money – Provides additional financial solutions.
InCred Finance, the lending arm of the group, has already raised more than $370 million from investors globally. Its Series D round alone brought in $60 million, propelling the company into the coveted unicorn club.
Meanwhile, InCred Capital, which operates in wealth and asset management along with capital markets advisory, secured $50 million in funding, backed by a consortium of family offices.
Strong Financial Performance
InCred’s financial performance reinforces its IPO ambitions. For FY25, the company reported a 47% year-on-year increase in revenue, jumping from ₹1,270 crore in FY24 to ₹1,872 crore. Profits also rose 18% to ₹374 crore, underlining the company’s ability to scale operations efficiently while maintaining profitability.
Such numbers not only boost investor confidence but also highlight the potential for sustainable growth in India’s underpenetrated credit market. As digital lending continues to revolutionize financial access, InCred’s data-driven, tech-enabled approach positions it well to ride this wave.
Why the IPO Matters
The upcoming IPO will serve multiple strategic purposes for InCred:
- Expansion of Product Offerings: The fresh funds will help accelerate lending capacity across retail and SME segments while also developing new credit products.
- Technology Investment: Enhancing its proprietary algorithms and expanding its data infrastructure will be key to underwriting loans at scale while managing risk effectively.
- Market Reach: The capital infusion will allow InCred to deepen penetration into underserved markets, especially in tier-2 and tier-3 cities where formal credit access remains limited.
- Investor Visibility: Listing on both the BSE and NSE will attract a wider pool of investors, providing liquidity and enhancing corporate governance practices.
Given that India’s NBFC sector is under regulatory transformation and demand for digital lending is at an all-time high, InCred’s IPO could emerge as one of the defining moments for fintech financing in the country.
Competition and Challenges
InCred’s IPO comes at a time when several fintech players are eyeing public listings, and competition in digital lending is heating up. Established banks are enhancing their digital offerings, while startups are scaling aggressively with private capital.
However, regulatory compliance, credit risk management, and customer acquisition costs remain challenges that investors will scrutinize. The fact that InCred has managed healthy growth while maintaining profitability will likely work in its favor, but execution risk and market volatility could test investor sentiment in the near term.
What’s Next?
With the draft prospectus nearing submission, all eyes will now be on SEBI’s approval process and the final pricing of the IPO. Market participants are also watching for subscription trends, especially from institutional investors and high-net-worth individuals who are eager to tap into India’s fintech boom.
If the offering garners strong participation, it could further validate InCred’s business model and open new avenues for fintech capital formation in the country.
Final Takeaway
InCred’s IPO is not just another public listing — it’s a bold statement about the future of fintech and credit in India. With a proven track record, robust financials, and a scalable tech-driven model, the company is poised to capture investor attention.
As the IPO opens on the horizon, investors will be keen to see whether InCred can replicate its private market success in the public domain. One thing is certain — this is one listing that’s set to shake up India’s fintech landscape.