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InCred Financial Plans INR 5,000 Cr IPO Ahead of Diwali 2025

Fintech unicorn InCred Financial Services is gearing up for an IPO slated for late 2025, aiming to raise INR 4,000–5,000 Cr ($470–590 Mn) and targeting a valuation between INR 15,000 Cr and INR 22,500 Cr ($1.78–2.6 Bn).

By Mrigank Sharma
New Update
InCred Financial Plans INR 5,000 Cr IPO Ahead of Diwali 2025

Fintech unicorn InCred Financial Services is gearing up for a public listing, targeting a fundraise of INR 4000 Cr to INR 5000 Cr ($470 Mn–$590 Mn) via an initial public offering (IPO) expected in late 2025.

According to Livemint, the company is seeking a valuation between INR 15,000 Cr ($1.78 Bn) and INR 22,500 Cr ($2.6 Bn) for the IPO and plans to appoint merchant bankers by January 2025 to oversee the process.  

“The company aims to appoint four banks by January and intends to launch its IPO by Diwali 2025,” a source revealed. The IPO will likely include an offer for sale (OFS), allowing existing investors to divest their stakes.  

Founder and Group CEO Bhupinder Singh had earlier indicated that the IPO timing would hinge on the approval of KKR, a key stakeholder holding 13.4% of the company.  

Read more - Resilience AI Raises $1Mn Funding From Kalaari Capital, Java Capital

The IPO plan follows InCred's entry into the unicorn club in 2023 when it raised $60 Mn in a Series D round led by Ranjan Pai of the Manipal Group, achieving a valuation of $1.04 Bn during a challenging funding environment.  

Founded in 2016, InCred Group operates across the banking, financial services, and insurance (BFSI) sector through three verticals:  
- InCred Money (retail bonds and alternative investments),  
- InCred Finance (lending),  
- InCred Capital (wealth and asset management).  

Its investors include Abu Dhabi Investment Authority (ADIA), Investcorp, Moore Capital, and Elevar Equity.  

For FY24, InCred reported a 52 Percent YoY growth in assets under management (AUM) to INR 9039 Cr. Consolidated net profit soared 162 Percent to INR 316.3 Cr, while operating revenue grew 47 Percent to INR 1270 Cr.  

This development highlights InCreds robust growth trajectory and its strategic positioning within India’s fintech sector.

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