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InCred Holdings Limited, the parent company of InCred Financial Services, has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) via the confidential route, according to sources aware of the matter.
The company is preparing to raise between Rs 4,000–5,500 crore through a combination of fresh issue and offer for sale, marking a major step toward its public market debut.
The IPO proceeds are expected to be used to bolster the capital base of its lending arm and fund expansion across business verticals. The confidential filing route, introduced by SEBI last year, allows companies to submit draft IPO papers privately, giving them the flexibility to revise details or defer listing plans based on market sentiment.
In September, InCred’s board passed a resolution approving a fresh issue of Rs 1,500 crore, as reported exclusively by Entrackr. Of the total IPO size, Rs 1,500 crore will comprise the fresh issue, while the remaining portion will be an offer for sale by existing shareholders.
Founded by Bhupinder Singh, InCred operates as a tech-first non-banking financial company (NBFC), focusing on consumer, SME, and education lending. The group claims to leverage proprietary risk analytics, data science, and digital-first operations to serve retail and MSME borrowers across India. The InCred Group operates three entities: InCred Finance, InCred Capital, and InCred Money
InCred Finance has raised over $370 million to date, including $60 million in its Series D round, which catapulted it into the unicorn club. Meanwhile, InCred Capital, which manages wealth and asset advisory, M&A, equity research, and broking services, has raised around $50 million from prominent family offices.
Financially, InCred Finance reported a 47% year-on-year jump in revenue to Rs 1,872 crore in FY25 from Rs 1,270 crore in FY24, while its profit grew 18% to Rs 374 crore during the same period.
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