InCred

Non-Banking Financial Company (NBFC) Lendingincred.com

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

Consumer lending services
Education loan financing
MSME business loans
Non-banking finance company
Personal credit products

Where InCred is headquartered

Location

Headquarters

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 offering

Core 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 profile

Segments4 records

Ideal customer profiles4 records

InCred technology and API

Technology

Technology focussed No

API detail

Has API: No
API docs
API detail

Core technology

AI maturity

App detail

InCred partnerships and signals

Strategic signal

Partnerships

One partnership is on record.

KKR India Financial ServicescoreStrategic or Co-development Partner · 26 July 2022InCred 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 assessment

Direct 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 financial estimates

Financial estimate

Revenue estimate

Valuation estimate

InCred leadership team

Management profile

Number of profiles

Profiles13 records

InCred subsidiaries and ownership

Company hierarchy

Subsidiaries1 record

InCred funding detail

Funding detail

Funding 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 investment

M&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?

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.