InCred Holdings Unlisted Share Price Description: Backed by global private-equity major KKR and helmed by former Deutsche Bank executive Bhupinder Singh, InCred Holdings (IHL) has emerged as one of India’s most prominent fintech-NBFCs. Acting as the parent company for InCred Finance, InCred Capital, and InCred Money, the group integrates lending, wealth, and investment services under a unified financial ecosystem.
The company’s unlisted shares have drawn increasing investor attention in 2025, reflecting its strong financials and upcoming IPO plans. With FY25 consolidated revenue rising to INR 1,873.62 crore (up 47% YoY), profit after tax increasing to INR 373.15 crore (up 21% YoY), and assets under management (AUM) reaching INR 11,600 crore, InCred stands among the most profitable fintech-NBFCs in India. Its expected IPO valuation (~INR 25,000 crore / ~USD 3 billion) positions it alongside upcoming listings such as Tata Capital and HDB Financial.
Company Business Overview
Founded in 2016 and headquartered in Mumbai, InCred Holdings is structured as the group’s holding entity encompassing:
- InCred Finance – core lending arm (catering to consumer, SME, and education segments).
- InCred Capital – wealth management and capital-market advisory vertical.
- InCred Money – digital investment and wealth-tech marketplace.
The company completed a major consolidation in 2023 by merging KKR India Financial Services (KIFSL) with the original InCred Financial Services (IFSL); the merged entity, rebranded as InCred Financial Services, became a 100 % subsidiary of InCred Holdings. This move streamlined ownership and capital allocation under a single umbrella.
Subsidiary Structure: two direct subsidiaries – InCred Financial Services & InCred Prime Finance; two step-down subsidiaries – InCred Finserv and InCred.AI.
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InCred Holdings IPO Summary
InCred Holdings IPO is in the final stages of preparing, expected to launch in Q1 FY26. The IPO will include both a fresh issue and an offer for sale by existing investors.
Planned IPO Structure
| Parameter | Details |
|---|---|
| Total Issue Size | INR 3,800 – 4,700 crore (USD 460–560 million) |
| Fresh Issue | INR 1,500 crore |
| Pre-IPO Placement | INR 300 crore (within fresh issue) |
| Offer for Sale (OFS) | Balance by existing investors (KKR, Paragon Partners, family offices) |
| Post-IPO Valuation | ~INR 25,000 crore (~USD 3 billion) |
| Expected Listing | Q1 FY26 (BSE & NSE) |
| Lead Managers | Kotak Mahindra Capital, Axis Capital, ICICI Securities |
| Use of Proceeds | Strengthening Tier-I capital, expanding secured loan book, upgrading digital infrastructure, and reducing leverage |
Key InCred Holdings IPO Developments (2025)
- November 2025: InCred Holdings has confidentially filed its Draft Red Herring Prospectus (DRHP) with SEBI, aiming to raise an estimated INR 4,000–5,000 crore through its upcoming IPO.
- September 2025: Board approved an INR 1,500 crore fresh issue and an INR 300 crore pre-IPO placement.
- June 2025: Zerodha founders Nithin & Nikhil Kamath invested INR 250 crore in IHL, signaling strong pre-IPO institutional confidence.
- June 2025: InCred Money acquired Stocko, a retail broking platform handling ~INR 1 lakh crore daily turnover, marking its entry into digital broking.
Business Model of InCred Holdings
- Core Revenue Streams: InCred Holdings’ business model is anchored in a multi-vertical structure that ensures both growth and income diversification. The primary contributor to total income is interest revenue generated from the company’s expanding retail and SME loan portfolio, accounting for nearly 90% of its total operating income. Complementing this are fee and commission-based earnings from advisory, distribution, and wealth management under InCred Capital. Additionally, treasury and investment income adds financial stability, while the digital platform InCred Money provides incremental digital revenue through investment product distribution. This integrated model allows the company to sustain profitability across market cycles and business environments.
- Lending & Pricing Strategy: The company follows a balanced lending mix, maintaining roughly 70% of its assets in secured loans and 30% in unsecured retail credit. This shift toward secured lending post-FY23 has been a strategic move to improve balance-sheet strength and lower credit costs. InCred applies a risk-based pricing framework, with lending yields ranging between 12% and 20%, depending on borrower profile and asset type. Advanced analytics are used to assess repayment behavior, while underwriting integrates both bureau and alternative data sources. This disciplined approach has enabled the group to maintain a low GNPA of 1.3% in FY25, even as its AUM crossed INR 11,600 crore, signaling strong credit discipline and underwriting efficiency.
- Distribution & Channels: InCred operates through a hybrid distribution model combining digital origination with selective physical presence. Consumer, personal, and education loans are primarily sourced through end-to-end digital platforms, leveraging automated onboarding and instant credit decisioning. For home loans and MSME financing, the company uses a network of 50+ physical branches, supported by local sourcing teams and field partnerships. Additionally, InCred has built co-lending relationships with leading banks and fintechs, allowing it to scale disbursements without a proportional increase in balance-sheet leverage. On the investment side, InCred Money serves as the group’s digital wealth and investment marketplace, providing customers with access to unlisted shares, fixed-income products, and managed portfolios — further expanding the company’s non-interest income stream.
- Technology & Risk Analytics: Technology forms the backbone of InCred’s business architecture. The company’s AI-driven underwriting systems analyze thousands of data points, combining financial metrics with behavioral and transactional indicators to deliver real-time loan approvals. Automated KYC, fraud detection, and machine-learning-based collection tools enhance operational efficiency and asset quality. Continuous data integration allows for early-warning alerts and portfolio monitoring, enabling proactive risk mitigation. These systems have substantially improved turnaround time, cost-to-income ratio, and collection efficiency, making the model scalable without significant incremental costs. As a result, InCred has maintained a consistent capital adequacy ratio above 30% and one of the lowest NPAs among mid-sized NBFCs in India.
- Growth Flywheel: InCred’s growth engine operates on a self-sustaining digital-financial flywheel. The group’s lending platform acquires customers at low cost through digital origination; these borrowers are later cross-sold investment and advisory products via InCred Money, enhancing lifetime customer value. Data gathered from lending relationships feeds into risk models, improving underwriting precision for future disbursements. Fee-based income and wealth management services diversify earnings, while consistent profitability strengthens Tier-I capital — fueling further growth.
Services and Product Portfolio
- Retail Lending: Retail finance remains InCred’s largest vertical, driven by personal, education, and home loans. The company’s digital-first model allows instant loan disbursals for salaried and self-employed individuals, supported by paperless KYC and credit scoring powered by AI. Education loans have been one of its flagship products, enabling students to pursue higher studies in India and abroad. InCred’s average ticket size in retail loans ranges from INR 3 to INR 10 lakh, with strong repeat business from salaried professionals and parents funding education expenses.
- SME and Business Lending: Small and medium enterprises form the backbone of InCred’s secured-lending book. The company provides working capital, equipment finance, and secured term loans to businesses across sectors like manufacturing, logistics, healthcare, and education services. SME disbursements are supported by local sourcing teams and credit-analytics engines that evaluate cash flows and GST data.
- Wealth and Investment Services: Under the InCred Capital and InCred Money brands, the group provides wealth management, advisory, and investment distribution services. InCred Money has emerged as a fast-growing digital investment marketplace catering to over 1.5 lakh investors, offering products like unlisted shares, fixed deposits, gold, and portfolio management services (PMS). In FY25, the platform raised INR 250 crore from marquee investors such as Ranjan Pai and Ram Nayak at a valuation of INR 1,650 crore, reflecting the growing institutional confidence in its wealth-tech arm.
- Capital Market and Institutional Finance: InCred’s capital-market division focuses on structured credit, advisory, and debt syndication for mid-market corporates. This segment provides fee-based income and enhances the group’s visibility among institutional clients. It complements retail lending by offering end-to-end financial solutions — from credit to investment.
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Key Highlights – FY2024–25
Financial Performance
- Total Revenue: INR 1,873.6 crore, up 47.22% YoY from INR 1,272.7 crore in FY24.
- Profit After Tax: INR 373.2 crore, up 20.75% YoY from INR 309.04 crore.
- AUM: INR 11,600 crore, up 40% YoY from INR 8,260 crore.
- Capital Adequacy Ratio: 30.2%, among the highest in the sector.
- Gross NPA: 1.3%, indicating consistent asset quality.
- Net Worth: INR 4,450 crore, up from INR 3,930 crore in FY24.
Operational Milestones
- InCred’s multi-entity structure under one holding company for governance efficiency.
- Acquired Stocko (June 2025), marking entry into retail broking with daily notional turnover exceeding INR 1 lakh crore.
- Zerodha founders Nithin & Nikhil Kamath invested INR 250 crore (June 2025), boosting brand credibility and pre-IPO momentum.
- Achieved AUM growth of 40% YoY with maintained NPA below 2%.
- Strengthened Tier-I capital and achieved CAR >30%, reinforcing financial resilience.
- Implemented advanced AI-driven risk monitoring and digital co-lending integrations across its platforms.
InCred Holdings Board of Directors
- Bhupinder Singh, Whole Time Director & CEO
- Gaurav Maheshwari, Whole Time Director & CFO
- Rupa Vora, Independent Director
- Karnam Sekar, Independent Director
- Anil Nagu, Non-Executive Director
- Rohan Suri, Non-Executive Director
- Vivek Anand P S, Non-Executive Director
InCred Holdings Share Price Details
| Name | InCred Holdings Unlisted Share Price Details |
| Face Value | INR 10 per share |
| ISIN Code | INE732W01014 |
| Lot Size | 250 shares |
| Demat Status | NSDL, CDSL |
| Share Price of InCred Holdings | INR 168 per share |
| Market Cap | INR 10,878 crores |
| Total number of shares | 64,75,17,431 shares |
| Website | www.incredholdings.com |
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InCred Holdings Unlisted Share Price – Shareholding Pattern
Details of shareholder holding more than 5% of the total equity shares in the Group :
| Shareholder | Equity Shares | % of Pre-Offer Capital |
| KKR India Financial Investments | 15,01,30,149 | 23.19 |
| B Singh Holdings | 10,08,65,412 | 15.58 |
| MNI Ventures | 5,79,62,163 | 8.95 |
| Others | 48,86,89,856 | 52.28 |
InCred Holdings Unlisted Share Price – Financial Performance
| FY 2023 | FY 2024 | FY 2025 | |
| Revenue | 865.65 | 1,272.70 | 1,873.62 |
| Revenue Growth (%) | 77.38 | 47.02 | 47.22 |
| Expenses | 629.52 | 876.48 | 1,386.37 |
| Net income | 109.06 | 309.04 | 373.15 |
| Margin (%) | 12.60 | 24.28 | 19.92 |
| ROCE (%) | 0.32 | (0.59) | 0.24 |
| ROE (%) | (0.42) | (0.18) | 0.02 |
| EPS | 1.81 | 4.87 | 5.58 |
InCred Holdings Unlisted Share Price – Peer Comparison
| Company | 3-yr Sales CAGR (%) | PE Ratio | ROCE (%) | Net Margin (%) | MCap (INR Cr.) |
| InCred Holdings | 58.18 | 30.11 | 0.24 | 19.92 | 10,878 |
| Sundaram Finance | 18.5 | 25.4 | 9.64 | 22.07 | 48,668 |
| Max Financial Services | 14.2 | 201 | 8.13 | 0.87 | 54,733 |
InCred Holdings Share Price – Annual Reports
InCred Holdings Annual Report FY 2024 – 2025
InCred Holdings Annual Report FY 2023 – 2024
InCred Holdings Annual Report FY 2022 – 2023
InCred Holdings Unlisted Share Price FAQs
Is it safe to purchase unlisted shares in India?
While there are risks associated with unlisted shares, purchases made from credible brokers and after conducting due diligence considerably lower these risks.
What is InCred Holdings unlisted share price?
InCred Holdings share price today is INR 168 per share. Shares are purchased in lots of 250 shares.
Who determines the InCred Holdings unlisted share price?
InCred Holdings share price is determined by various factors including recent transaction price, supply and demand, valuation in the latest funding round, profitability, and return ratios.
When is InCred Holdings IPO planned?
InCred Holdings IPO is planned for Q1 FY26 (early 2026), following board approval in September 2025 and a pre-IPO placement of INR 300 crore completed in 2025.