Kamath brothers invest Rs 250 Cr in InCred as firm prepares for IPO

Zerodha co-founders Nikhil and Nithin Kamath have invested Rs 250 crore to acquire a minority stake in InCred Holdings Limited, the tech-driven financial services group preparing for a public listing.

“India’s credit ecosystem is changing fast—more formal, more digital, and more accessible,” said Nikhil Kamath, investor and entrepreneur.

“InCred Group seems to get that. They’ve built a strong team, a technology-first approach, and a clear view of where the market is headed. Backing them is a bet on that broader shift—and the belief that responsible lending can scale without losing sight of fundamentals,” he added

Founded in 2016 by former Deutsche Bank executive Bhupinder Singh, InCred has grown into a diversified non-banking financial company (NBFC), with lending operations across consumer, SME, and education verticals.

InCred Group is accelerating its vertical expansion across lending and wealth tech. Its lending arm, InCred Finance, has entered the secured lending space by acquiring TruCap Finance’s gold loan business, adding a Rs 650 crore AUM and 115 branches.

Meanwhile, InCred Money, the group’s wealth tech arm, is acquiring retail trading platform Stocko in a Rs 300-crore all-cash deal to enter the retail broking market.

It also appointed Gaurav Maheshwari, a former Standard Chartered executive, as CFO to strengthen its financial leadership.

InCred Financial Services is in talks to raise about Rs 4,000 crore through an IPO, with plans to file offer documents soon and list by October, according to a Bloomberg report. The company is reportedly in discussions with IIFL Securities, Kotak Mahindra Bank, and Nomura for advisory roles, while Khaitan & Co is expected to serve as legal counsel.

The KKR-backed company reported an 18% rise in net profit to Rs 372 crore for FY25, driven by a sharp increase in fee and commission income, which surged fourfold to Rs 137 crore. The company’s loan book—which spans consumer, education, and SME lending—expanded 37% year-on-year, reaching Rs 12,384 crore as of March 2025.