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.

A) About InCred Group: A Diversified Fintech Powerhouse

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:

1. InCred Finance: Non-Banking Financial Company (NBFC), which merged with KKR India Financial Services in 2022.

2. InCred Capital: Institutional and wealth management platform.

3. InCred Money: Digital-first retail investment and broking platform.

B) Financial Highlights (FY2025)

These strong financials underscore the group’s rapid scale and profitability in India’s expanding credit ecosystem.

C) Strategic Moves: Building an Integrated Fintech 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.

D) Kamath Brothers’ Investment: A Vote of Confidence

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."

E) IPO Plans: Positioning for the Public Markets

The IPO is expected to provide an exit opportunity for early investors while unlocking fresh capital for growth and technology investments.

F) Market Outlook: Riding India’s Digital Credit Boom

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.

Concise Summary Chart

Journey of InCred in Unlisted Market

• 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.

UnlistedZone Takeaway

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.