Overview
InCred Holdings Limited, the parent company of the retail-focused NBFC InCred Financial Services, has filed an updated Draft Red Herring Prospectus (UDRHP) with SEBI. The firm intends to raise Rs 1,250 crore through a fresh issue of shares, supplemented by a significant Offer for Sale (OFS).
Deal Terms and Structure
- Fresh Issue: Rs 1,250 crore to bolster capital base and CRAR.
- OFS Participants: KKR (4 crore shares), MNI Ventures (1.98 crore shares), alongside participation from the Mohandas Pai Family, Moore Strategic, and V’Ocean Investments.
- Pre-IPO Placement: Management is considering a placement round of up to 20% of the fresh issue size.
Business Traction
Founded in 2017 by Bhupinder Singh, InCred has scaled significantly:
- AUM: Rs 14,448 crore as of Dec 2025.
- Performance: Reported a PAT of Rs 290 crore and Rs 6,683 crore in disbursements for the nine-month period ending Dec 2025.
- Portfolio Mix: Driven by personal loans (55.6%) and student loans (22.2%).
- Reach: Over 5 lakh active customers across 17,000+ PIN codes with 150+ branches.
Market Context
This filing highlights the continued robustness of the Indian non-banking financial sector. By separating the holding company structure from independent entities like InCred Capital and InCred Money, the company is streamlining its path to public markets while positioning for sustained lending expansion.