Mumbai-based InCred Holdings is gearing up for a two-pronged funding strategy. The Bhupinder Singh-led financial services group is not only going ahead with a USD 460–560 million (~INR 3,800 to 4,600 crore) IPO but has also pumped in INR 250 crore into its wealth management arm, InCred Money, from marquee investors.
InCred IPO Strategy: ₹1,500 Cr Fresh Issue + Pre-IPO Placement
According to some industry reports, InCred Holdings may file its draft red herring prospectus (DRHP) in the next few weeks via confidential route. InCred IPO size is expected to be between USD 460 to 560 million (~INR 3,800–4,600 crore).
The structure is:
- INR 1,500 crore (~USD 172 million) via fresh equity issuance
- INR 300 crore through a pre-IPO placement, bundled into the fresh issue
Once approved, the company will list on BSE and NSE. This is when Indian capital markets are seeing a huge appetite for tech-led financial services companies.
Investor Confidence in InCred Money
In parallel, InCred Money—the wealth and asset management arm—has raised INR 250 crore (~USD 30 million) at a valuation of INR 1,650 crore (~USD 200 million). The round saw participation from a host of prominent investors including Ranjan Pai (Manipal Group Chairman), Ram Nayak (ex-Deutsche Bank executive), Mankind Family Office, MMG Family Office, Ravi Pillai Family Office and Raj Vattikutti Foundation.
The fresh capital underscores growing investor faith in digital wealth management platforms, particularly as InCred Money caters to 1.5 lakh+ retail investors with products spanning unlisted shares, fixed deposits, gold, and silver.
Group Structure and Growth Momentum
Founded by Bhupinder Singh, InCred Group is positioned as a tech-first financial powerhouse with three main verticals:
- InCred Finance: Consumer, SME, and education lending.
- InCred Capital: Wealth & asset management, capital markets, and advisory.
- InCred Money: Digital investment marketplace.
Financially, the group’s backbone—InCred Finance—reported stellar performance in FY25 with:
- Revenue up 47% YoY to INR 1,872 crore (from INR 1,270 crore in FY24)
- Profits up 18% YoY to INR 374 crore
The lending arm has cumulatively raised over USD 370 million (~INR 3,260 crore), with its last Series D round of USD 60 million (~INR 528.15 crore) propelling it into the unicorn club. Separately, InCred Capital raised USD 50 million (~INR 440.13 crore) from family offices earlier to fuel its expansion.
Why It Matters
The announcements signal InCred’s aggressive push to position itself as one of India’s most diversified fintech conglomerates. On one hand, InCred Holdings IPO is poised to be among the larger NBFC listings in recent years, drawing attention from institutional and retail investors alike. On the other, the INR 250 crore infusion into InCred Money highlights the surging demand for alternative wealth management avenues in a market where digital investing is seeing exponential adoption.
With capital in place and regulatory filings underway, InCred is looking to ride two parallel waves: public market expansion and investor-led growth in wealth tech.
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