June 22, 2025: Zerodha co-founders Nikhil and Nithin Kamath have acquired a minority stake in InCred Holdings Limited, the parent company of IPO-bound NBFC InCred Financial, through a ₹250 crore share purchase, the firm confirmed in a statement on June 23.
The investment reflects a strategic endorsement of India’s rapidly digitizing and formalizing credit ecosystem.
“India’s credit ecosystem is changing fast—more formal, more digital, and more accessible. InCred Group seems to get that,” said Nikhil Kamath. “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.”
InCred’s Recent Moves and IPO Plans
This development comes shortly after InCred Money, the group’s retail wealthtech arm, acquired South Asian Stocks Limited (SASL), operator of the discount broking platform Stocko. The platform will be rebranded as InCred Stocko and integrated into InCred Money’s digital investment offerings, which already include fixed deposits and alternative investment products.
About InCred Group
Founded in 2016 by Bhupinder Singh, InCred operates across three core verticals:
- InCred Finance: Lending and NBFC operations
- InCred Capital: Institutional, asset, and wealth management
- InCred Money: Retail investment and wealthtech distribution
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The group reported a 48% YoY growth in operational revenue to ₹1,267 crore, with a PAT of ₹316 crore.
In 2022, InCred Finance merged with KKR India Financial Services, and in 2023, the NBFC achieved unicorn status after raising $60 million from top investors including Ranjan Pai, Ravi Pillai, and Deutsche Bank’s Ram Nayak. It further expanded its footprint by acquiring TruCap Finance’s gold loan business, strengthening its secured lending portfolio.
Currently, InCred’s loan book exceeds ₹10,000 crore, and the company is reportedly preparing for an IPO, aiming to raise ₹4,000–₹5,000 crore at a valuation ranging between ₹15,000 crore and ₹22,500 crore.