KKR-backed InCred Holdings files updated draft IPO papers with SEBI
07 May 2026, 03:35 PMThe Bengaluru-based company plans to raise Rs 1,250 crore through a fresh issue of equity shares.
Share the story on
InCred Holdings Limited, the parent of NBFC arm InCred Financial Services, has submitted an updated draft red herring prospectus (UDRHP) with the Securities and Exchange Board of India (SEBI).
The Bengaluru-based company plans to raise Rs 1,250 crore through a fresh issue of equity shares.
The offering also includes an offer for sale (OFS) of up to 9.90 crore shares, with KKR leading the OFS at 4 crore shares, followed by MNI Ventures at 1.98 crore shares. Mohandas Pai Family, Moore Strategic, V'Ocean Investments, and other shareholders will offload the remaining portion. The company is also weighing a pre-IPO placement of up to 20% of the fresh issue size.
The proceeds from the fresh issue will primarily be channelled into InCred Finance, its wholly-owned lending subsidiary, to bolster its capital base, support loan book growth, and improve its capital adequacy ratio. IIFL Capital Services, InCred Capital, Kotak Mahindra Capital, Nomura, and UBS have been appointed as book-running lead managers to the issue.
Founded by Bhupinder Singh in 2017, InCred Finance is a retail-focused diversified NBFC with lending products spanning five segments — personal loans, student loans, secured business loans, specialised MSME loans, and loans to financial institutions.
As of December 2025, the company's assets under management stood at Rs 14,448 crore, with personal loans accounting for the largest share at 55.6%, followed by student loans at 22.2%. For the nine months ended December 2025, it posted a profit after tax of Rs 290 crore on disbursements of Rs 6,683 crore.
The NBFC currently serves over five lakh active customers across more than 17,000 PIN codes through a network of over 150 branches in 19 states and union territories, with 51 lending institutions in its borrower base.
Who Reads Us
“I enjoy reading The Head and Tale for their coverage on the Fintech landscape. The reporting is incisive and honest, and it demonstrates a sharp understanding of the industry and the issues that concern it. I'd like to extend my best wishes to Arti for her continued success.”
“Well-researched, informative and analysis based reporting makes an interesting read. 'The Head and Tale' news portal has been demonstrating this quite well covering fintech and emerging tech sectors. Their timely updates, exclusive stories and different perspectives on these sectors help me stay informed. Kudos to Arti Singh for pursuing her passion and best wishes to the team.”
“The Head and Tale stands out for its deep industry knowledge and impressive network of sources. I especially appreciate that the reporting remains independent, rarely resorting to paid puff pieces, making it a publication I can genuinely trust. Having followed Arti’s work for years, I’ve come to rely on The Head and Tale for its unparalleled insight and truly independent coverage. Arti’s long-standing presence in the sector means her reporting is always informed, with access few can match.”
“What I really appreciate about The Head and Tale is that it doesn’t just report the news, it interprets it. The stories are well-researched, comprehensive, and bold. Arti brings a fearless lens to reporting, often asking the uncomfortable but necessary questions. She makes you pause, reflect, and rethink what it all means for the payments and fintech ecosystem. It’s rare to find journalism that’s this sharp, timely, and relevant to the work we do every day.”
“I’ve always valued journalism that goes beyond surface-level headlines. The Head and Tale does exactly that - it connects the dots, asks the tough questions, and brings clarity to the shifts shaping our evolving industry. I’ve even encouraged my team members to subscribe, because staying informed through credible, deeply reported stories is as important as building products. For me, The Head and Tale has become part of essential reading.”
