InCred Money Raises INR 250 Cr At INR 1,650 Cr Valuation

InCred Money, the digital brokerage vertical of InCred Group, has raised INR 250 Cr (around $30 Mn) from a group of investors, including Manipal Group chairman Ranjan Pai, former Deutsche Bank executive Ram Nayak, Mankind Family Office, among others. 

The funding values InCred Money at approximately INR 1,650 Cr (roughly $200 Mn). InCred Money will utilise the fresh capital to strengthen its tech infrastructure, and the rest will be utilised for brand building. 

Entrackr was first to report on the development.

InCred Money provides investment options across unlisted shares, fixed deposits, gold, silver, and other assets. According to the company, over 1.5 lakh investors use the platform.

Founded by Bhupinder Singh, InCred Group operates three businesses under three separate entities: InCred Finance, which is wholly owned by InCred Holdings, a retail and MSME-focused non-banking financial company (NBFC); InCred Capital, which manages wealth and asset management, M&A advisory, capital markets, and broking; and InCred Money. 

This round comes as InCred Finance is preparing for an IPO with a total issue size of INR 4,000-INR 5,000 Cr, of which about INR 1,500 Cr would be fresh issue and the rest would be OFS. Notably, the company will also raise an INR 300 Cr pre-IPO placement.

According to filings, InCred Holdings will seek shareholder approval at its extraordinary general meeting (EGM) scheduled for October 1 for the fresh issue. The company is expected to file its draft red herring prospectus (DRHP) via the confidential route to get its shares listed on both the BSE and NSE.

InCred Finance, which became a unicorn in 2023 after a $60 Mn (INR 500 Cr) Series D round led by Ranjan Pai’s MEMG, recorded a 47% YoY rise in revenue to INR 1,872 Cr in FY25, while profits increased 18% to INR 374 Cr. InCred Capital had earlier raised $50 Mn from family offices to expand its wealth and capital markets business.

Beyond fundraising, InCred has also been expanding aggressively. In June 2025, it acquired Stocko to enter the retail investment brokerage space. Earlier in April, it closed its maiden private equity fund at INR 575 Cr, overshooting commitments, with plans to invest in the consumption, enterprise, technology, and financial services sectors.

With the IPO, InCred Finance joins the growing list of new-age fintechs heading to the public markets, alongside Groww, Pine Labs, and PhonePe.