Zerodha founders Nikhil Kamath and Nithin Kamath have acquired a minor stake in InCred Holdings Limited, the parent company of InCred Financial Services Ltd (IFSL). The duo has purchased shares worth ₹250 crore.
This move signals continued investor confidence in India’s credit ecosystem, which is becoming increasingly formal, digital, and data-driven. “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 have 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.
InCred is among the NBFCs identified as “upper layer" by the Reserve Bank of India (RBI), requiring mandatory listing by September 2025 under RBI’s scale-based regulation for NBFCs.
The company is reportedly preparing for an IPO in the coming months, with this investment by the Kamath brothers expected to boost its visibility and valuation ahead of the public issue. The company is likely to launch its IPO with an estimated size of $470 million.
Founded in 2016 by Bhupinder Singh, InCred Group has built a diversified lending platform serving retail and MSME borrowers across India. 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.
InCred Financial Services Ltd 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. InCred Holdings Limited is the holding company of InCred Financial Services Ltd.
