InCred Financial Services is gearing up for an Initial Public Offering (IPO) by Diwali 2025, aiming to raise Rs 4,000–5,000 crore ($470–590 million). The company seeks a valuation between Rs 15,000 crore ($1.78 billion) and Rs 22,500 crore ($2.6 billion). Merchant bankers are expected to be finalised by January 2025, with the IPO likely to include an Offer For Sale (OFS) to allow existing investors to offload stakes.
Bhupinder Singh, Founder and Chief Executive Officer (CEO), inCred Financial Services, indicated the IPO hinges on private equity major KKR, which owns a 13.4 per cent stake, agreeing to sell its holdings. This follows InCred’s lending arm joining the unicorn club in 2023 after a $60 million Series D funding round led by Ranjan Pai of Manipal Education and Medical Group, valuing the company at $1.04 billion.
Founded in 2016, InCred operates across three verticals: InCred Money (retail bonds and alternative investments), InCred Finance (lending) and InCred Capital (wealth and asset management). The company’s investors include Abu Dhabi Investment Authority, OAKS, Investcorp and Elevar Equity.
In FY24, InCred’s Assets Under Management (AUM) rose 52 per cent Year-on-Year (YoY) to Rs 9,039 crore, while its consolidated net profit surged 162 per cent to Rs 316.3 crore. Operating revenue grew 47 per cent to Rs 1,270 crore, reflecting robust financial health amid industry challenges. With these developments, InCred aims to cement its position as a major player in the BFSI sector.
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