Zerodha co-founders Nithin and Nikhil Kamath have acquired a minority stake worth Rs 250 crore in InCred Holdings, the parent entity of InCred Financial Services (IFSL).
The strategic investment comes at a time when Incred Finance is a few months away from its planned Rs 4,000-5000 crore Initial public offering (IPO), valuing in the range of $1.8 billion-$2.5 billion.
“India’s credit ecosystem is changing fast, more formal, more digital, and more accessible,” said Nikhil Kamath. “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.”
Founded by Bhupinder Singh, InCred operates as a tech-first non-banking financial company (NBFC), focusing on consumer, SME, and education lending. The group claims to leverage proprietary risk analytics, data science, and digital-first operations to serve retail and MSME borrowers across India.
The InCred Group operates three entities: InCred Finance, InCred Capital, and InCred Money.
InCred Finance has raised over $370 million to date, including $60 million in its Series D round, which also marked its entry into the unicorn club. Meanwhile, InCred Capital, which oversees wealth and asset management, M&A advisory, capital markets, equity research, and broking, secured $50 million in funding, led by a clutch of family offices.
