InCred Seeks Shareholders’ Nod For Fresh Issue Of INR 1,500 Cr In IPO

InCred Holdings, the parent of fintech unicorn InCred Financial Services, has sought the approval of its shareholders during its extraordinary general meeting, scheduled on October 1, to raise up to INR 1,500 Cr via a fresh issue of shares in its proposed IPO.

According to the company’s resolution, InCred may undertake a pre-IPO placement of up to INR 300 Cr. 

The IPO will comprise a fresh issue of shares as well as an offer for sale. 

The company may file its DRHP via the confidential route to get its shares listed on the BSE and the NSE. 

Founded in 2011 by Bhupinder Singh, InCred Group operates three separate verticals – lending vertical InCred Finance, institutional wealth and asset management arm InCred Capital, and retail wealthtech and investment distribution platform InCred Money. 

Notably, InCred Finance became a unicorn in 2023 after raising $60 Mn (INR 500 Cr) in its Series D funding round led by Manipal Education and Medical Group’s Ranjan Pai. 

In June this year, the InCred Group also acquired Stocko to enter the retail investment brokerage space.  

Prior to that in April, the company announced the final close of its maiden PE fund which exceeded commitments of INR 575 Cr. It will invest in consumption, enterprise, technology and financial services sectors. 

InCred Holdings’ revenue from operations zoomed 47% to INR 1,873.6 Cr in FY25 from INR 1,272.7 Cr in the previous fiscal year. Net profit for the year rose 21% to INR 373.1 Cr from INR 309 Cr in the previous year.

With this, InCred has joined the growing list of new-age tech fintech companies looking to go public. Last month, SEBI cleared investment tech platform Groww’s IPO bid, while Pine Labs has also received the go ahead to proceed with its public issue. Meanwhile, PhonePe is looking to file its IPO papers this month.