BENGALURU: Zerodha co-founders Nikhil and Nithin Kamath have invested Rs 250 crore to acquire a minority stake in InCred Holdings Limited, the holding company of InCred Financial Services Ltd (IFSL).
This comes ahead of InCred’s proposed IPO later this year. IFSL is a tech-enabled NBFC focused on consumer, education, and SME lending. Since its founding in 2016, the company has used data science, risk analytics, and digital-first operations to serve customers across India.
"India’s credit ecosystem is changing fast—more formal, more digital, and more accessible,” said Nikhil Kamath, investor and entrepreneur. “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," he added.
Founded by Bhupinder Singh, InCred Group has built a diversified lending platform serving retail and MSME borrowers across the country. Its differentiated edge lies in deep data science, proprietary risk analytics, and digital-first operations, positioning it at the forefront of India’s next-gen NBFC space.
According to reports, InCred is targeting an IPO valuation of Rs 15,000 crore to Rs 22,500 crore. It plans to raise Rs 4,000–5,000 crore through the IPO.
With a $1.04 billion valuation, the company entered into the unicorn club in 2023. Its investors include Ranjan Pai’s Manipal Education and Medical Group.
In 2023, Nithin Kamath announced that Rainmatter Capital, an investment arm backed by Zerodha, allocated an additional Rs 1,000 crore to fund start-ups.
Rainmatter was started in 2016 to support fintech start-ups. "So far, we have invested Rs 400 crore in 80 start-ups," he had said.