Introduction
In a significant pre-IPO development, Zerodha co-founders Nikhil and Nithin Kamath have invested ₹250 crore in InCred Holdings Limited, the parent company of InCred Financial Services. This investment is part of InCred’s broader strategy to raise capital ahead of its proposed ₹4,000–5,000 crore IPO, targeting a valuation between ₹15,000–22,500 crore.
Founded: 2016
Founder: Bhupinder Singh
Unicorn Status: Achieved in 2023 after a $60 million fundraise
Headquarters: Mumbai, India
InCred operates across three major financial verticals:
InCred Finance: Non-Banking Financial Company (NBFC), which merged with KKR India Financial Services in 2022.
InCred Capital: Institutional and wealth management platform.
InCred Money: Digital-first retail investment and broking platform.
| Metric | Value |
|---|---|
| Revenue | ₹1,267 crore (YoY growth of 48%) |
| Profit After Tax (PAT) | ₹316 crore |
| Loan Book | ₹10,000+ crore |
These strong financials underscore the group’s rapid scale and profitability in India’s expanding credit ecosystem.
1. Entry into Retail Broking
Acquisition: InCred Money acquired South Asian Stocks Limited (SASL).
Rebranding: The acquired entity will be relaunched as InCred Stocko after regulatory approvals. This move integrates a discount broking platform into its digital investment suite.
2. Expansion in Secured Lending
Gold Loan Acquisition: InCred acquired the gold loan portfolio of TruCap Finance via a slump sale, enhancing its secured lending footprint.
The Kamath brothers' ₹250 crore investment reflects growing investor confidence in InCred’s:
Tech-first approach to credit and wealth management
Disciplined underwriting and scalability
Ability to integrate diversified financial products under one roof
Nikhil Kamath commented:
"We view InCred as a rare combination of tech-enabled scalability and lending fundamentals. It is a bet on responsible credit growth in India."
| IPO Metric | Estimate |
| Issue Size | ₹4,000–5,000 crore |
| Expected Valuation | ₹15,000–22,500 crore |
| IPO Timeline | Likely in the next 12–18 months |
The IPO is expected to provide an exit opportunity for early investors while unlocking fresh capital for growth and technology investments.
India’s financial services sector is undergoing a structural transformation, led by:
Rising demand for digital credit products
Wider fintech adoption across urban and semi-urban segments
Policy push for financial inclusion and NBFC strengthening
InCred’s full-stack approach, combined with strategic acquisitions and marquee investor backing, positions it as a leading contender in India’s next generation of listed fintech giants.
| Category | Highlights |
| Investment | ₹250 Cr by Kamath Brothers |
| FY25 PAT | ₹316 Cr |
| Loan Book | ₹10,000+ Cr |
| IPO Size | ₹4,000–5,000 Cr |
| Valuation Target | ₹15,000–22,500 Cr |
2022: Merged with KKR India Financial Services to strengthen lending capacity.
2023: Achieved unicorn status after raising $60 million from marquee investors.
2024: Entered retail broking with acquisition of Stocko and expanded into gold loans through TruCap deal.
2025: Attracted ₹250 Cr investment from Kamath brothers ahead of ₹5,000 Cr IPO.
InCred has evolved into one of India’s most well-rounded fintech platforms, integrating lending, wealth management, and digital broking. The Kamath brothers’ substantial backing signals high conviction in its long-term potential. With a ₹10,000+ crore loan book and strong financials, InCred is well-positioned for a high-impact IPO in a market ripe for next-gen NBFCs.
Stay tuned to UnlistedZone for exclusive updates on InCred and the broader unlisted market space.
