InCred
InCred is an Indian NBFC, operating through subsidiary InCred Financial Services, that lends to retail consumers, students, and MSMEs across personal, education, and business loan products, with ₹14,448 crore AUM as of December 2025.
- Company typePrivate
- Founded2016
- HeadquartersMumbai, India
- Headcount1,001–5,000
- GTM typeB2B and B2C
- OfferingServices
What InCred does
InCred is an Indian non-banking financial company (NBFC) headquartered in Mumbai, founded in 2015 and operating primarily through its wholly-owned subsidiary InCred Financial Services Limited (IFSL). It provides retail-focused lending across three core segments: personal loans (the largest contributor at over 55% of AUM as of December 2025), education loans for domestic and study-abroad students, and MSME/small business loans. The company also serves institutional borrowers on a wholesale basis. InCred is led by founder and CEO Bhupinder Singh, with a leadership bench covering finance (Gaurav Maheshwari, CFO), risk (Mallika Mittal, CRO), product and technology (Ashwin Sekar, CPTO), compliance, and HR.
The company's scale has expanded materially following the July 2022 strategic merger with KKR India Financial Services, which gave the combined entity a $600 million balance sheet and approximately $300 million equity base. InCred achieved unicorn status in November 2023 after raising ₹500 crore in Series D funding, and AUM reached ₹14,448 crore by December 2025, with FY26 sales of ₹2,546.20 crore and FY26 net profit of ₹443.90 crore (up 19.27% YoY). Revenue is generated almost entirely from interest income on its loan book via the IFSL subsidiary, with loan pricing set on a usage-based monthly billing model calibrated to individual credit profiles. Capital adequacy stands at 24.97%, well above the 15% regulatory floor, supporting continued book growth.
InCred is preparing to go public after receiving SEBI approval for an IPO in February 2026, comprising a ₹1,250 crore fresh issue and an offer for sale of up to 9.9 crore shares. Beyond core lending, the group is pursuing adjacency expansion: applying for an IRDAI corporate insurance agency license to cross-sell insurance to its borrower base, and operating InCred Alternatives — a special situations credit fund business that closed its maiden fund at ₹1,500 crore in May 2026. Distribution combines a direct branch network, digital lending platform, and referral partnerships with educational institutions and business networks. Backed by KKR, Morgan Stanley, and the Kamath Brothers (Zerodha founders), InCred positions itself as a digitally-enabled NBFC targeting credit access for segments underserved by traditional Indian banks.
InCred firmographics
Firmographics- Name
- InCred
- Legal name
- InCred Holdings Limited
- Website
- http://www.incred.com
- Company type
- Private
- Founded year
- 2016
- Operating status
- Operating
- Headcount range
- 1,001–5,000 employees
- Short description
- InCred is an Indian NBFC, operating through subsidiary InCred Financial Services, that lends to retail consumers, students, and MSMEs across personal, education, and business loan products, with ₹14,448 crore AUM as of December 2025.
- Ownership category
- akta.pro rank
InCred industry classification
Industry- Product category
- Non-Banking Financial Company (NBFC) Lending
- NAICS
- Sales Financing (522220)
- SIC
- Personal Credit Institutions (6141)
- akta.pro primary industry
- Direct-to-Consumer (D2C) Personal Lending Platforms (Unsecured Installment) (FSAKAAAK)
- akta.pro secondary industry
- Medical & Healthcare Personal Loans (Unsecured Installment) (FSAKAAAF)
Keywords
Where InCred is headquartered
LocationHeadquarters
- HQ city
- Mumbai
- HQ country
- India
- HQ region
- Asia
Offices1 record
Markets served
InCred business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- Lending Operations: InCred generates revenue primarily through interest income from its lending operations, including personal loans, student loans, MSME loans, and business loans. The company operates as a retail-focused NBFC with its subsidiary InCred Financial Services contributing nearly all of the parent company's revenue.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Usage-based | Monthly | Interest rates based on creditworthiness assessment |
Go-to-market motion1 record
Distribution channels2 records
Marketing channels3 records
InCred product offering
Product offeringCore offering
InCred is an India-based non-banking finance company (NBFC) that originates and services retail and small-business credit, primarily personal loans, education/student loans (including study abroad), and MSME/business loans. Lending is delivered through its wholly-owned subsidiary InCred Financial Services Limited, distributed via a combination of branch network, direct sales force, and an online lending platform. The company also operates InCred Alternatives, which manages special situations credit funds for established businesses.
Product overview
InCred is a fintech company operating primarily through its subsidiary InCred Finance, a retail-focused non-banking financial company (NBFC). The core offerings include consumer loans, student loans (education financing for domestic and study abroad), and MSME/small business lending. The company achieved unicorn status in 2023 after raising Rs 500 crore in Series D funding, valuing it at approximately $1.05 billion. InCred is expanding into insurance services through a planned IRDAI corporate insurance agency license. The group also includes InCred Alternatives, which manages special situations credit funds targeting established businesses across sectors like auto, power, oil & gas, and hospitality. InCred Holdings, the parent company, operates across personal lending, education loans, and SME lending, with plans for an IPO to raise Rs 1,250 crore primarily to strengthen its subsidiary's capital base.
Differentiator
Problem solved
Functional benefit
Products and services
- Personal Loans
Quantifiable outcome
- AUM grew from FY23 to FY25 at CAGR of 44.04%, reaching ₹12,585.07 crore
- +2 more outcomes
Companies that use InCred
Customer profileSegments4 records
Ideal customer profiles4 records
InCred technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
InCred partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- KKR India Financial ServicescoreInCred and KKR India Financial Services completed a strategic merger on July 26, 2022, creating a leading Indian non-banking finance company. The combined entity operates under the InCred Finance brand with a US$600 million balance sheet and approximately US$300 million equity base. Bhupinder Singh leads the merged entity.
Scale indicators12 records
Recent moves8 records
Expansion highlights5 records
InCred competitors and assessment
Company assessmentDirect peers
- Shriram Finance: Large Indian NBFC focused on retail, MSME, and small-business lending. Closely comparable customer segments (under-banked borrowers, SMEs) and product mix make it one of the most relevant direct peers.
- Auxilo Finserve: Specialized Indian education-loan NBFC. Closely comparable to InCred's education-lending vertical in target customer, ticket size, and underwriting approach.
- Lendingkart: Fintech NBFC providing working-capital and term loans to MSMEs and small businesses in India. Directly comparable in MSME digital lending business model and customer segment.
- HDFC Credila Financial Services: India's leading education-loan-focused NBFC. Directly comparable to InCred's education-loan vertical (including study-abroad financing) in product, customer, and risk profile.
Emerging players
- KreditBee: Digital-first Indian NBFC focused on personal loans to salaried and self-employed borrowers. Comparable customer overlap in InCred's >55% personal-loan vertical, though materially smaller and earlier-stage.
- Five Star Business Finance: Indian NBFC focused on secured small-business and MSME loans. Comparable retail-MSE customer orientation and listed-comp status for peer benchmarking.
Broad incumbents
- Bajaj Finance: India's largest diversified NBFC, with deep retail consumer, MSME, and SME lending books. Comparable as the benchmark diversified-NBFC franchise against which InCred's growth and margins are measured.
- Mahindra & Mahindra Financial Services: NBFC focused on rural, semi-urban, and SME lending. Comparable in its retail and MSME lending orientation and Indian-domestic NBFC positioning.
- Muthoot Finance: India's largest gold-loan NBFC with diversified retail and MSME offerings. Comparable as a listed, high-growth diversified NBFC serving under-served Indian borrowers.
- Cholamandalam Investment and Finance: Diversified Indian NBFC spanning vehicle finance, MSME loans, and home equity. Comparable diversified-NBFC business model with overlapping MSME and consumer lending exposure.
Market position
Strengths4 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
InCred social profiles
Digital presenceInCred financial estimates
Financial estimateRevenue estimate
Valuation estimate
InCred leadership team
Management profileNumber of profiles
Profiles13 records
InCred subsidiaries and ownership
Company hierarchySubsidiaries1 record
InCred funding detail
Funding detailFunding overview
Funding rounds13 records
Investors22 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
InCred M&A and investment
M&A and investmentM&A4 records
Investments21 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about InCred
What does InCred do?
InCred is an India-based non-banking finance company (NBFC) that originates and services retail and small-business credit, primarily personal loans, education/student loans (including study abroad), and MSME/business loans. Lending is delivered through its wholly-owned subsidiary InCred Financial Services Limited, distributed via a combination of branch network, direct sales force, and an online lending platform. The company also operates InCred Alternatives, which manages special situations credit funds for established businesses.
Is InCred a public or private company?
InCred is a private company. It is classified as private equity controlled and is currently operating.
When was InCred founded?
InCred was founded in 2016. It employs 1,001 to 5,000 people.
Where is InCred based?
InCred is headquartered in Mumbai, India, in the Asia region.
How does InCred make money?
One revenue line is on record: lending Operations.
Who are InCred's main competitors?
Direct peers on record are Shriram Finance, Auxilo Finserve, Lendingkart and HDFC Credila Financial Services. Emerging players are KreditBee and Five Star Business Finance. Broad incumbents are Bajaj Finance, Mahindra & Mahindra Financial Services, Muthoot Finance and Cholamandalam Investment and Finance.
Does InCred have an API?
No public API is recorded for InCred.
What industry is InCred in?
InCred's product category is Non-Banking Financial Company (NBFC) Lending. Its primary akta.pro industry code is FSAKAAAK, Direct-to-Consumer (D2C) Personal Lending Platforms (Unsecured Installment), with a secondary code of FSAKAAAF, Medical & Healthcare Personal Loans (Unsecured Installment). Its NAICS code is 522220 and its SIC code is 6141.