InCred Money, the wealth and asset management arm of InCred Group, has secured ₹250 crore (about $30 million) in fresh funding from marquee investors including Manipal Group’s Ranjan Pai, former Deutsche Bank executive Ram Nayak, the Mankind Family Office, MMG Family Office, and other notable family offices and institutions. This new capital pegs InCred Money’s valuation at around ₹1,650 crore (~$200 million), solidifying its place among India’s leading digital wealth management startups.
IPO Preparations and Regulatory Progress
This funding round arrives as InCred Holdings, the group’s parent entity, gears up for its public market debut. The company is set to file its Draft Red Herring Prospectus (DRHP) with SEBI, targeting an IPO of $460–560 million with a ₹1,500 crore fresh issue and a ₹300 crore pre-IPO placement as reported by Entracker after reviewing its internal documents. The IPO will include both BSE and NSE listings upon regulatory greenlight. The group has appointed lead bankers and already received board approval for the share issue, reflecting advanced preparations on the compliance and capital structuring front.
Previous Funding, Strategic Expansion, and Acquisitions
InCred Group has actively raised capital in recent years, with over $370 million pumped into InCred Finance (its retail and MSME lending NBFC arm) and $50 million secured by its Capital arm to power its capital markets and wealth business. Recent strategic moves include the acquisition of OroWealth (which helped launch InCred Money in May 2023) and the buyout of Stocko (a discount broking platform via South Asian Stocks Limited), as well as a gold loan portfolio from TruCap. Notable backers include the Kamath brothers of Zerodha, who recently took a minority stake alongside other high-profile investors.
Financial Performance and Offerings
On the operational front, InCred Finance delivered a 47% YoY revenue jump to ₹1,872 crore in FY25, with profits climbing 18% to ₹374 crore. InCred Money now boasts more than 1.5 lakh users, democratizing access to high-potential unlisted shares, fixed deposits, digital gold and silver, and alternative investments—all through a single zero-commission online platform. The company’s tech-first approach, leveraging proprietary risk analytics and data science, positions it at the forefront of digital wealth and credit innovation in India.
With its recent funding, active dealmaking, and a robust IPO pipeline, InCred Money and its parent group exemplify the new wave of tech-driven, investor-focused financial services firms rising to meet India’s growing demand for digital wealth and credit solutions.
