InCred IPO Upcoming
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About InCred
Founded in 2016, InCred Financial Services operates across lending, wealth management, and investment solutions through its three verticals—InCred Finance, InCred Capital, and InCred Money. The company caters to a range of retail and institutional clients within the banking and financial services sector. Supported by investors such as KKR, ADIA, and Ranjan Pai, InCred reported an AUM of INR 9,039 Cr and a net profit of INR 316.3 Cr in FY24. As it explores an IPO, the company continues to focus on expanding its presence in the financial services space while maintaining steady business performance.
Financials of InCred
InCred Valuation
InCred Financial Services is reportedly targeting a valuation of INR 15,000 Cr to INR 22,500 Cr (approximately $1.78 Bn to $2.6 Bn) for its planned initial public offering. The company plans to raise INR 4,000–5,000 Cr (approximately $470–590 Mn) through the IPO, which is likely to be launched around October 2025. The public issue is expected to include an offer for sale (OFS) component, allowing early investors such as KKR—which holds a 13.4% stake—to partially exit. InCred is currently in discussions with potential advisers including IIFL Securities, Kotak Mahindra Bank, and Nomura Holdings, while Khaitan & Co is expected to serve as legal counsel. Formal appointment of merchant bankers is anticipated by January 2025. This move follows the company’s entry into the unicorn club in 2023 with a $1.04 Bn valuation during its Series D round led by Ranjan Pai’s Manipal Education and Medical Group.
Operations & Performance of InCred
InCred’s lending business recorded assets under management (AUM) of INR 9,039 Cr at the end of FY24, reflecting a 52% increase year-on-year. The company’s consolidated net profit grew 162% to INR 316.3 Cr in FY24, up from INR 120.9 Cr in FY23. Operating revenue also rose by 47% to INR 1,270 Cr. InCred Alternative Investments, its private credit arm, plans to raise INR 1,500 Cr through a new fund, responding to growing interest in non-bank credit avenues.