🏦 Company Overview: InCred Financial Services Ltd
InCred is a fast-growing, tech-driven NBFC headquartered in Mumbai, combining AI-powered underwriting with traditional lending. Founded by ex‑Deutsche Bank veteran Bhupinder Singh in 2016, the company merges retail, SME, education, and personal loans with wealth and structured lending under InCred Capital. It achieved systemic NBFC status in 2023 and rapidly scaled to a ₹9,039 cr AUM by March 2024—rising to ₹11,476 cr by December 2024
✨ Strategic Evolution
Key milestones include:
- Merger with KKR India Finance in 2022 to boost scale
- Expansion across personal, education, MSME, and wealth lending
- Leveraging AI for credit, fraud detection, and customer acquisition
- Achieving unicorn status with $60 M Series D funding in Dec 2023
📈 Financial Snapshot (FY24 / H1 FY25)
- AUM: ₹9,039 cr (Mar 2024); ₹11,476 cr (Dec 2024)
- Revenue FY24: ~₹1,293 cr
- PAT FY24: ₹315–316 cr
- PAT FY25: ₹372 cr
- Net Interest Margin: ~10.3% FY24, ~8.6% H1 FY25
- RoMA: 3.6% FY24, ~3.2% H1 FY25
- Net NPA: ~0.8%, Gross ~2.1%
- Gearing: ~2.0× as of Dec 2024; CRAR ~27–30%
🌐 Institutional Ownership & Governance
InCred is backed by marquee investors including KKR, Investcorp, FMO, Paragon Partners, Moore Capital, Manipal (Ranjan Pai), and Gaurav Dalmia. Leadership includes experienced banking and fintech professionals
💰 Current Unlisted Share Price & Valuation
- Price Range: ₹183 → ₹180 per share (500 → 5,000 shares)
- Estimated Valuation: ₹14,500 cr+
- Lot Size: 100 shares; Face Value: ₹10; ISIN: Not available
📊 Fixed Pricing Slabs – As of 26 June 2025
| Quantity | Price/Share (₹) | Total Investment |
|---|---|---|
| 500 | 183.00 | 91,500 |
| 1,000 | 181.00 | 181,000 |
| 2,000 | 180.50 | 361,000 |
| 3,000 | 180.25 | 540,750 |
| 4,000 | 180.10 | 720,400 |
| 5,000 | 180.00 | 900,000 |
Prices vary based on demand and availability.
🔍 Peer Comparison – NBFCs
| Company | AUM (₹ cr) | P/B | ROE | NPA | Listed/Unlisted |
|---|---|---|---|---|---|
| InCred | ~11,500 | ~2.2× | ~14–15% | ~0.8% | Unlisted |
| Bajaj Finance | 300,000+ | ~8× | ~22% | ~1.0% | Listed |
| Muthoot Finance | 65,000+ | ~2.3× | ~17% | ~1.6% | Listed |
| L&T Finance | 13,400+ | ~1.9× | ~14.8% | ~2.1% | Listed |
InCred demonstrates compelling fundamentals among listed and unlisted peers.
🚀 Why Invest in InCred?
- Rapid AUM growth (49% YoY FY24; global pipeline)
- Strong profitability (RoMA ~3–3.6%)
- High-quality loan book: NPA <1%
- Fully tech-enabled lending platform
- Prominent institutional backing and unicorn valuation
- Pre-IPO opportunity with upside as company heads toward 2025/26 listing
⚠️ Key Risks & Considerations
- Liquidity: Secondary market may delay exits
- Regulatory: RBI oversight, interest-rate sensitivity
- IPO uncertainty: Timeline yet unofficial
- Competition: Fintech and NBFC rivalry intensifies
- Asset quality: Rising delinquencies if unsecured growth outpaces seasoning
📥 How to Invest via StartupLanes
Documents Required:
- PAN, Aadhaar, Bank proof (cancelled cheque), Demat CML, Nominee details
Submission:
Email KYC documents to ceo.startuplanes@gmail.com
Complete payment and receive shares in Demat (24–48 hrs)
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🗞 Recent News
InCred Money acquires discount broker Stocko (₹300 cr), enters retail broking
- Kamath brothers (Zerodha founders) invest ₹250 cr into InCred
- IPO prep underway; advisers include IIFL, Kotak Mahindra, Nomura (target valuation ₹15,000–22,500 cr)
🏁 Conclusion
InCred stands at the forefront of India’s new-age NBFC sector—combining strong AUM growth, tech-first lending, high asset quality, and institutional strength. With profits trending upward and a potential IPO on the horizon, its unlisted shares offer a compelling pre-IPO investment for long-term, quality-focused investors.
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