InCred Holdings, the parent of InCred Financial Services, has filed its updated draft red herring prospectus (UDRHP) with Securities and Exchange Board of India (SEBI) to raise ₹1,250 crore via a fresh issue, as it prepares for a public listing.
Alongside its IPO filing, the company reported strong financial performance for the first nine months of FY26, with revenue from operations rising 39% year-on-year to ₹1,849 crore, up from ₹1,334 crore in the corresponding period last year. However, profit remained flat at ₹290 crore, impacted by rising credit costs.
Founded in 2017 by Bhupinder Singh, InCred operates as a retail focused diversified NBFC, offering products across personal loans, student loans, secured business loans, MSME lending, and loans to financial institutions.
Interest income remained the primary revenue driver, contributing over 91% of operating income at ₹1,689 crore, reflecting a 39% growth. Fee and commission income stood at ₹150 crore, while additional gains came from fair value changes in financial assets. Including ₹21 crore from other income, total revenue reached ₹1,849 crore for the period.
On the cost side, finance costs accounted for 46% of total expenses, rising 51% to ₹673 crore. Employee benefit expenses increased 28% to ₹311 crore, while losses from impaired financial instruments surged 86% to ₹234 crore, indicating higher loan write-offs.
Overall, total expenditure rose 52% year-on-year to ₹1,471 crore, compared to ₹966 crore in the same period last year. Despite strong topline growth, profitability remained stable due to rising provisioning and credit-related costs. The company reported that it spent approximately ₹0.8 to earn every rupee during the period.
As of the end of the nine-month period, InCred reported total financial assets of ₹14,269 crore, including a healthy cash and bank balance of ₹931 crore.
According to the UDRHP, the IPO will also include an offer for sale (OFS) of up to 9.9 crore equity shares, with existing investors such as KKR, Moore Strategic, and V’Ocean Investments participating.
The IPO comes at a time when India’s lending ecosystem is witnessing rapid expansion, even as rising credit costs and asset quality remain key areas of focus for NBFCs.
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