InCred Holdings files confidential DRHP for $338-$450m IPO

India-based InCred Holdings, the holding company of InCred Financial Services (InCred Finance), has submitted a confidential draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) for the proposed initial public offering (IPO).

The IPO is expected to raise Rs30bn-RS40bn ($338.2m - $450.9m) and will see fresh issuance of shares and an offer for sale.

The board of directors of InCred Holdings approved the capital raising via IPO in June 2025. This follows approval from shareholders, which was secured on 1 October, reported MoneyControl.

As of financial year 2024-25, InCred Finance reported assets under management (AUM) of Rs125.85bn and a net profit of Rs3.72 bn for the last fiscal year.

Founded in 2016 by Bhupinder Singh, InCred Group operates across three main verticals: InCred Finance, focusing on new-age lending as a non-banking financial company (NBFC); InCred Capital, providing institutional, asset, and wealth management services; and InCred Money, a digital investment distribution platform.

The group is backed by investors including Abu Dhabi Investment Authority, Teacher Retirement System of Texas (TRS), KKR, Oaks, Elevar Equity, and Moore Venture Partners.

Bhupinder Singh previously served as co-head of investment banking and securities for Deutsche Bank in the Asia Pacific region before founding InCred Group.

InCred Finance merged with KKR India Financial Services in 2022 to form a joint entity under the InCred Finance brand.

For the financial year ended March 2025, InCred Finance recorded a standalone profit of Rs3.72bn and revenue of Rs18.72bn—year-on-year increases of 18.2% and 47.5%, respectively.

In the quarter ending June 2025, net profit of InCred Finance rose to Rs 942m from Rs880m year-on-year, reflecting a growth of 7%.

Revenue for the same period increased by 7.5% to Rs 5.79bn from Rs5.39bn in the corresponding quarter last fiscal year.

"InCred Holdings files confidential DRHP for $338-$450m IPO " was originally created and published by Private Banker International, a GlobalData owned brand.

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