InCred Holdings, the parent company of InCred Financial Services, has submitted an updated draft red herring prospectus (UDRHP) to the Securities and Exchange Board of India (SEBI) for its forthcoming initial public offering (IPO). The Bengaluru-based firm intends to raise ₹1,250 crore through a combination of a fresh issue of shares and an offer for sale (OFS) totaling up to 9.90 crore equity shares.
The OFS will include contributions from significant shareholders such as KKR India Financial Investments Pte, which plans to offload 4 crore equity shares, and MNI Ventures, which will sell nearly 2 crore shares. Other participants in the OFS are MEMG Family Office LLP and V’Ocean Investments Ltd, among others.
Proceeds from the fresh issue are earmarked for investment in InCred Financial Services Ltd (InCred Finance), which will bolster the capital base, enhance tier-I capital, and facilitate further lending. The company is also contemplating a pre-IPO placement round, which will not exceed 20% of the size of the fresh issue.
InCred had confidentially filed for its IPO approval with SEBI in November and has since received clearance from the regulator. Established in 2017 by Bhupinder Singh, InCred Finance is a diversified, retail-focused middle-layer non-banking financial company registered with the Reserve Bank of India. It provides services across five segments: personal loans, student loans, secured business loans, specialized MSME loans, and lending to financial institutions.
As of December 31, 2025, the company reported assets under management (AUM) amounting to ₹14,447.86 crore. Personal loans represented 55.56% of this AUM, contributing ₹8,027.12 crore, while student loans accounted for 22.15%, equating to ₹3,200.51 crore.
For the fiscal year 2025, InCred reported a profit after tax (PAT) of ₹373.15 crore, achieving a return on assets (ROA) of 3.45%. The company’s AUM increased to ₹12,585.07 crore, with both AUM and PAT witnessing compound annual growth rates (CAGRs) of 44.04% and 84.97%, respectively, from FY23 to FY25.
In the nine months ending December 31, 2025, the PAT was ₹290.14 crore, with disbursements totaling ₹6,683.28 crore. The non-banking financial company maintained a capital adequacy ratio (CRAR) of 24.97% as of December 2025, exceeding the regulatory minimum of 15%. It is rated AA-/Stable by Crisil Ratings and ICRA.
The company operates through 158 branches situated across 152 cities in 19 states and union territories, forming lending partnerships with 51 institutions. As of December 31, 2025, its application had over 450,000 users.
IIFL Capital Services, InCred Capital Wealth Portfolio Managers, Kotak Mahindra Capital Company, Nomura Financial Advisory and Securities (India), and UBS Securities India are the book-running lead managers for the forthcoming issue.
Published on May 7, 2026.
