India’s InCred Holdings files confidential IPO papers
- ByStartupStory | November 11, 2025
InCred Holdings, the parent company of India-based non-banking financial company InCred Financial Services, has filed confidential draft red herring prospectus (DRHP) papers with the Securities and Exchange Board of India (SEBI) for a proposed initial public offering (IPO). The confidential filing was submitted on November 6, 2025, signaling InCred’s intention to list on the main board of the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
The IPO is expected to raise between ₹3,000 crore and ₹4,000 crore (approximately $338 million to $450 million) through a mix of fresh shares issuance and offer-for-sale components. InCred Holdings had previously secured shareholder approval for the IPO, as well as a pre-IPO placement of about ₹300 crore.
Founded in 2016 by Bhupinder Singh, InCred operates across three main verticals: InCred Finance (specializing in consumer, SME, and education lending), InCred Capital (institutional wealth and asset management), and InCred Money (retail wealthtech and investment distribution). The group reported strong financials in FY25, with InCred Finance’s assets under management (AUM) growing to ₹12,585 crore and net profit increasing to ₹372 crore.
Backed by investors such as Abu Dhabi Investment Authority, KKR, and Elevar Equity, InCred has shown rapid scaling through digital-first lending and diversified portfolios. The IPO aims to provide public investors direct exposure to the group’s diversified credit platform with a robust yield-driven model.
The confidential filing route allows InCred flexibility to refine disclosures before the public debut, with timelines for pricing and allocation to be determined closer to market windows. This public listing is poised to bolster confidence in fintech-led NBFCs in India, particularly those combining technology, data analytics, and credit innovation to expand lending access across consumer and enterprise segments.
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