InCred Holdings Files UDRHP For IPO, To Raise ₹1,250 Cr Via Fresh Issue

InCred Holdings, the parent entity of NBFC major InCred Financial Services, has filed its updated draft red herring prospectus (UDRHP-I) with SEBI. The company’s public issue will comprise a fresh issue of shares worth up to ₹1,250 Cr and an offer for sale (OFS) of up to 9.9 Cr equity shares.

KKR, MEMG Family Office, and Moore Strategic Ventures are among the investors planning to offload shares through the OFS.

Among the selling shareholders, KKR India Financial Investments is offloading the highest number of shares at 4 Cr. It is followed by MNI Ventures, which is offering up to 1.98 Cr shares, and MEMG Family Office LLP with up to 1.01 Cr shares.

Other notable sellers include V’Ocean Investments Ltd. (67.1 Lakh shares), Moore Strategic Ventures, LLC (63.4 Lakh shares), and Dalmia Enterprises Holdings, through Mridu Hari Dalmia and Gaurav Dalmia, with 52 Lakh shares.

The company plans to utilise the IPO proceeds mainly to strengthen the capital base of its wholly owned subsidiary, InCred Financial Services Limited (IFSL), and support its lending operations.

A portion of the raised funds will also go towards advancement of IFSL’s Tier I capital base, enabling it to scale onward lending and improve its capital adequacy ratio (CRAR), in line with the RBI requirements for NBFCs.

InCred Holdings filed its IPO papers confidentially in November last year.

In February, it received SEBI’s approval to proceed with the IPO.

Founded in 2011 by Bhupinder Singh, InCred Group operates across three businesses — lending platform InCred Finance, wealth and asset management arm InCred Capital, and retail investment platform InCred Money.

InCred Finance is the group’s main lending business and operates as an NBFC. It offers personal loans, education loans, MSME loans and secured business loans through a digital-first and paperless process.

It follows a risk-focused lending approach backed by technology and a wide distribution network. Its assets under management (AUM) stood at ₹14,500 Cr as of December 31, 2025.

Its capital adequacy ratio (CRAR) stood at 24.97%, higher than the RBI’s minimum requirement of 15%.

InCred Capital caters to institutional investors, corporates and wealthy individuals with services such as wealth management, asset management and capital market advisory.

Meanwhile, InCred Money is the group’s retail investment platform that allows users to invest digitally in products such as fixed deposits, mutual funds and bonds.

InCred Finance entered the unicorn club in 2023 after raising $60 Mn (around ₹500 Cr) in its Series D funding round led by Manipal Education and Medical Group chairman Ranjan Pai.

InCred Holdings currently operates through 158 branches across 152 cities and has presence across more than 17,000 pin codes in India.

Its “InCred” app had over 4.5 Lakh users as of December 31, 2025.

On the financial front, InCred Holdings’ consolidated net profit grew 5.3% to ₹290.1 Cr in the first nine months of FY26 (9M FY26) from ₹275.5 Cr in the year-ago period. Operating revenue rose 38.6% to ₹1,848.9 Cr during the period under review from ₹1,333.9 Cr in 9M FY25.

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