InCred Holdings files confidential DRHP with SEBI; plans ₹5,500 crore IPO to fuel growth
InCred Holdings Limited, the parent of InCred Financial Services, has confidentially filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), according to people familiar with the development.
The financial services group is preparing to raise ₹4,000–₹5,500 crore through a mix of fresh issue and offer for sale (OFS), marking its first step toward a public market debut.
IPO to combine fresh issue and OFS:
Sources indicate that the proposed fundraising will include both a primary capital infusion and a secondary share sale by existing investors. The fresh issue component will be used to strengthen the company’s capital base, expand its loan book, and enhance its technology and distribution capabilities.
The OFS portion is likely to provide partial exits for some early investors and financial backers. The company is expected to make the filing public after SEBI’s review in the coming months.
InCred’s evolution from digital lender to diversified NBFC
Founded by Bhupinder Singh, a former Deutsche Bank executive, InCred has grown from a digital lending startup into a diversified financial services group with interests spanning consumer loans, education finance, SME lending, and wealth management.
Through its subsidiaries, including InCred Financial Services Limited, the company has built a tech-driven credit ecosystem focused on underserved retail and MSME borrowers. Its AI-based risk models, digital onboarding processes, and personalized loan solutions have helped it carve a strong niche in India’s competitive NBFC landscape.
Strong financial performance and investor backing:
InCred has reported strong financial growth over the past few years, with rising profitability, stable asset quality, and a diversified loan portfolio. The company’s recent financial consolidation under InCred Holdings has streamlined its structure ahead of the planned listing.
The move also comes after the company’s 2023 merger of InCred Finance and InCred Capital, creating a unified platform offering both lending and wealth management services.
Timing aligns with buoyant IPO market:
The InCred IPO filing comes amid a resurgence in India’s primary markets, where investors are showing strong appetite for financial services and fintech IPOs. With benchmark indices at record highs and liquidity improving, several NBFCs and digital lenders are eyeing listings in 2025.
According to market experts, InCred’s confidential filing allows it to fine-tune its disclosures and valuation in consultation with SEBI before making the details public — a route recently adopted by several high-profile issuers.
Key details :
Parameter Details
Issuer InCred Holdings Limited
Subsidiary InCred Financial Services Limited
Regulatory Step : Confidential DRHP filed with SEBI
Proposed Issue Size : ₹4,000–₹5,500 crore
Structure : Fresh issue + Offer for Sale
Use of Proceeds : Capital infusion, loan book expansion, tech investment
Expected Timeline : Public filing likely in coming months; listing in 2025 (subject to SEBI approval)
Industry view:
Analysts say the InCred IPO could attract strong institutional interest given the company’s diversified business model, strong growth metrics, and credible management team. The planned capital raise will likely enhance its leverage capacity and fuel expansion across high-yield lending segments.
If successful, InCred Holdings would join the ranks of listed NBFCs such as Bajaj Finance, Muthoot Finance, and Five-Star Business Finance, potentially becoming one of the most closely watched IPOs in India’s financial sector next year.
Team: Credit Money Finance