🌱 Introduction
InCred, launched in 2016 by Bhupinder Singh, has rapidly grown from a fintech startup to a full-stack financial services powerhouse. Initially tackling the lack of accessible credit for underserved segments, the company has today become a unicorn valued at over $1 billion. As of July 2025, InCred’s reach spans lending, wealth management, and retail broking—a testament to visionary leadership and strategic evolution. InCred is gearing up for the IPO.
The Spark: Why Bhupinder Singh Started InCred
An alumnus of IIM Ahmedabad and former Deutsche Bank executive, Bhupinder Singh was deeply familiar with traditional banking’s shortcomings. Observing how rigid credit policies excluded many self-employed, salaried, and first-time borrowers, he founded InCred to bring flexibility, data-driven underwriting, and empathy to India’s credit landscape.
Building Blocks: Early Growth & Products
2016–2018
- Launched as an NBFC, obtaining license in 2017
- Raised ₹585 cr (~$80 M) in its initial round
- Introduced retail and MSME lending; recognized as a top startup in 2018
2020–2022
- Acquired digital lending platform Qbera and onboarded e-commerce partnerships
- Merged with KKR India’s NBFC arm in 2022 to strengthen capital and governance
Nearing the Summit: Funding and Unicorn Status
Series D (Dec 2023)
- Raised USD 60 M (₹500 cr), led by Ranjan Pai, Ravi Pillai, Ram Nayak, and others
- Valuation crossed USD 1.04 B, making InCred India’s second unicorn of 2023
Financial Performance (FY24)
- Operating revenue reached ₹1,267 cr (+47% YoY), and net profit doubled to ₹316 cr
- Loan book exceeded ₹7,500 cr, reflecting over 50% CAGR
Debt Raise for IPO Prep (Mar 2025)
- Secured INR 258 cr (~USD 30 M) in debt via non-convertible debentures from Neo Group, MAS Financial, and others
Minority Stake by Kamath Brothers (June 2025)
- Zerodha’s Nithin & Nikhil Kamath invested INR 250 cr in InCred’s parent entity ahead of the IPO
- Citing InCred’s tech-first culture and robust risk analytics, they marked this a vote of confidence
Full-Stack Expansion: Wealth and Broking
InCred Money Acquires Stocko (June 2025)
- Acquired discount broker Stocko, rebranded imminently, marking entry into retail broking
- Bhupinder Singh emphasized scaling by combining tech and customer focus
🔍 Key Insights & Learnings
- Visionary Founder
Bhupinder Singh leveraged his background to pioneer a socially responsible, tech-centric credit firm . - Data-Driven Lending
Applying analytics and alternative data, InCred customizes credit risk and drives faster approvals. - Omnichannel Distribution
Strategic blending of digital platforms with on-ground partners ensures scale and reach . - Strategic Partnerships
Acquisitions like Qbera and Stocko, along with tie-ups with Amazon and Flipkart, reflect aggressive growth via acquisition. - Robust Financial Positioning
Strong revenue, profits, and loan growth underpin its IPO readiness.
The IPO Roadmap
- Target IPO launch: Diwali 2025, with INR 4,000–5,000 cr (~USD 470–590 M) aim
- Expected valuation: INR 15,000–22,500 cr (~USD 1.8–2.6 B)
📊 July 2025 Snapshot
- Unicorn valuation: Exceeded USD 1 B since Dec 2023
- Debt secured: INR 258 cr for IPO gearing
- Strategic investment: INR 250 cr by Kamath brothers ahead of IPL
- Product expansion: Entry into retail broking via Stocko
🚦Conclusion
InCred’s journey reflects a well-orchestrated journey of vision, data innovation, and strategic scaling. With a strong financial profile, growing product suite, and high-profile investments, it now stands on the cusp of a major public debut. By Diwali 2025, it aims to become India’s next fintech titan—one whose founding ethos remains grounded in democratizing credit access with technological finesse.
Let me know if you’d like to dive deeper into InCred’s IPO model, financial projections, or details of its stockbroking platform strategy.