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Fintech unicorn InCred Holdings has filed its updated draft red herring prospectus (UDRHP) with the SEBI for an IPO that is proposed to comprise a fresh issue of shares worth up to ₹1,250 Cr and an offer for sale (OFS) of up to 9.9 Cr equity shares.

The IPO will allow partial exits for investors such as KKR (KKR India Financial Investments), MNI Ventures, Ranjan Pai’s MEMG Family Office, V’Ocean Investments, Moore Strategic Ventures, among others.

Global investment firm KKR, which is one of the largest shareholders in InCred, intends to sell the highest number of up to 4 Cr shares via the IPO.

MNI Ventures, a subsidiary of the Manipal Education & Medical Group (MEMG), as well as MEMG Family Office will be selling up to 1.98 Cr shares and 1.01 Cr shares, respectively. Besides, investment firms V’Ocean Investments and Moore Strategic Ventures plan to sell up to 67.12 Lakh shares and 63.41 Lakh shares, respectively.

InCred Holdings’ promoters collectively own about 21% stake in the company. This includes founder and group CEO Bhupinder Singh’s 0.75% stake, promoter group entity B Singh Holdings Ltd’s 15.84% holding, and another 4.37% held by the promoter group.

InCred Holdings had confidentially filed its IPO papers in November last year and received SEBI’s approval for the proposed public issue in February this year.

Singh founded InCred in 2016 as a financial services company under the name InCred Finance. Over the years, the company expanded its operations across lending, wealth management and retail investments through its three businesses — InCred Finance, InCred Capital and InCred Money.

The startup attained a unicorn status in 2023 when it raised $60 Mn in its Series D round led by MEMG. Overall, the startup has raised over $450 Mn in private equity investments over the years.

Of the ₹1,250 Cr it intends to raise from the IPO, the company will primarily be looking at fortifying the capital base of its wholly owned subsidiary, InCred Financial Services Ltd (IFSL), and support the expansion of its lending operations. A part of the funds will also be used to bolster IFSL’s Tier-I capital base and improve its capital adequacy ratio (CRAR) in line with RBI norms for NBFCs.

On the financial front, InCred Holdings reported a net profit of ₹290.1 Cr in the first nine months of FY26, up 5% YoY, while revenue from operations rose 38.6% to ₹1,848.9 Cr, fuelled due to higher interest income. InCred Holdings, which serves as the parent entity of RBI-registered NBFC InCred Financial Services, derives over 99.8% of its operating revenue from the lending business.

EBITDA increased 32% to ₹1,103.5 Cr during the period. The company’s assets under management (AUM) as of December 2025 stood at ₹14,447.8 Cr. In this, personal loans contribute the largest share, followed by student loans. However, expenses also rose sharply due to higher finance costs, impairment charges and employee-related spending.

Board of Directors Bhupinder Singh

Singh is the chairman, whole-time director and chief executive officer (CEO) of InCred Holdings. He oversees the group’s financial services and merchant banking operations and has more than two decades of experience in the financial services sector.

Before founding InCred, Singh served as managing director and co-head of corporate banking and securities for the Asia Pacific region at Deutsche Bank in Singapore and also worked with the bank in London.

Singh doesn’t draw a salary from InCred Holdings but via IFSL. His remuneration for FY25 stood at ₹9.12 Cr.

Gaurav Maheshwari

Gaurav Maheshwari is the whole-time director and chief financial officer (CFO) of the company. He has served as the CFO since December 16, 2024, and as a whole-time director since March 25, 2025. Maheshwari has more than 27 years of experience across the financial and corporate sectors. Before joining the company in FY25, he was associated with Standard Chartered Bank, including as CFO of Standard Chartered Bank India. He has also held finance leadership roles at Altico Capital India Limited and Coca-Cola India. His remuneration for FY25 stood at ₹1.36 Cr.

Vivekanand P S is a non-executive director of the company and was nominated by OAKS Asset Management Pvt Ltd. He has been associated with the company since July 26, 2022, bringing over 18 years of experience in banking and financial services.

He is also the founder and managing director of OAKS Asset Management, a Mumbai-based private equity fund. Prior to founding the firm, he worked with Kotak Mahindra Bank and Bay Capital Investment Advisors Private Limited.

The company’s non-executive directors do not receive any sitting fees.

Rupa Rajul Vora is an independent director of the company and has been serving on its board since July 26, 2022. She brings over 28 years of experience in the financial services sector.

She previously spent more than a decade as group director and CFO at IDFC Alternatives and has also worked with global financial institutions including KBC Bank, Credit Lyonnais and Antwerp Diamond Bank. Before moving into corporate leadership, Vora ran her own chartered accountancy practice. Over the years, she has also earned recognition as one of India’s influential women in finance and has been associated with industry bodies such as CII.

Vora received ₹12 Lakh as sitting fees from InCred Holdings and an additional ₹34 Lakh for serving as an independent director on the board of the company’s wholly owned subsidiary, IFSL. Her total sitting fees in FY25 stood at ₹46 Lakh.

Sekar is an independent director of the company and a banking veteran with over three decades of experience in the sector. He began his career with State Bank of India and went on to hold top leadership roles at Dena Bank and Indian Overseas Bank as CEO and managing director.

Sekar received ₹12 Lakh as sitting fees from InCred Holdings and another ₹35 Lakh from IFSL, taking his total sitting fees for FY25 to ₹47 Lakh.

Singh joined the company as an independent director in August 2025. He has more than three decades of experience spanning human resources and government banking, having worked with organisations such as ICICI Bank, Alkem Laboratories, Tata Liebert Limited and Aristocrat Marketing Limited.

Singh didn’t receive any sitting fees from the company in FY25.

Bisla has served as an independent director of the company since October 29, 2025. She has previously worked as a senior consultant at Delhi Skill and Entrepreneurship University and also served as a technical advisor and officer on special duty at the Ministry of Finance. Earlier in her career, she worked with global investment banks such as Morgan Stanley in New York and Hong Kong, as well as Lehman Brothers.

Bisla didn’t receive any sitting fees from the company in FY25.

Shetty serves as the compliance officer and company secretary of InCred Holdings and its wholly owned subsidiary, InCred Financial Services Limited (IFSL). She joined the group in 2019 and was appointed company secretary of InCred Holdings in September 2023. With over 14 years of experience in corporate secretarial and compliance functions, Shetty has previously worked with Truhome Finance Limited and RBL Bank. In FY25, she received remuneration of ₹38 Lakh from the company.

Jhalaria is the head of education and MSME lending at InCred Financial Services Limited (IFSL). He joined the group in 2017 and has over two decades of experience across lending, product structuring, business planning and distribution building. Prior to joining IFSL, he was associated with Deutsche Bank. In FY25, he received remuneration of ₹23.13 Cr from IFSL.

Chandrasekhar is the head of consumer finance at IFSL and leads the company’s risk management and advanced analytics functions. He joined the group in 2017 and previously worked with McKinsey & Company, Experian and Capital One. He has over two decades of experience and received remuneration of ₹4.36 Cr in FY25.

Thakur is the chief compliance officer (CCO) of IFSL and has over 20 years of experience across compliance, legal and secretarial roles. Before joining the company in 2020, he worked with IIFL Finance, Nippon Life India Asset Management and Centrum Capital. In FY25, he received remuneration of ₹1.42 Cr from IFSL.

Sekar is the chief technology officer (CTO) of IFSL and oversees the InCred group’s product, engineering and operations teams. He joined the company in 2020 and was previously associated with Global Analytics India Private Limited. He has over 18 years of experience in product management and received remuneration of ₹1.75 Cr in FY25.

Dangi serves as the chief human resources officer (CHRO) of the company and is responsible for leading its HR strategy and execution. He joined the group in 2018 and previously worked with UTI Asset Management Company, Religare Enterprises and ICICI Bank. Dangi has over two decades of experience in the financial services sector and received remuneration of ₹2.57 Cr in FY25.

Mittal has been serving as the chief risk officer (CRO) of IFSL since April 2025 and oversees credit risk policies, ICAAP frameworks, stress testing and risk analytics. She brings more than 25 years of experience across banks and NBFCs, having previously worked with ICICI Bank, IndusInd Bank, HDFC Bank and Mahindra & Mahindra Financial Services. Since she joined IFSL in April 2025, she did not receive any remuneration in FY25.

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