KKR-backed InCred Financial Services is preparing to launch an IPO that could raise up to INR40bn ($470m), a move that would mark a significant liquidity event for private equity firm KKR, which partnered with the Mumbai-based lender in 2022, according to a report by Bloomberg.
The report cites unnamed sources familiar with the matter as revealing that the IPO, which is expected to take place by October pending regulatory filings, could value InCred at upwards of INR150bn ($1.76bn). InCred is reportedly in discussions with IIFL Securities, Kotak Mahindra Bank, and Nomura Holdings to act as bookrunners, with Khaitan & Co lined up as legal counsel. InCred’s own investment banking arm is also likely to support the transaction.
While no final appointments have been confirmed, a spokesperson for InCred acknowledged that an IPO remains under consideration as a capital-raising avenue.
Founded in 2016 by former Deutsche Bank Executive Bhupinder Singh, InCred has evolved into a significant player in India’s retail and SME lending space, with active verticals spanning education finance, personal loans, and small business credit. Its private credit platform, InCred Alternative Investments, is also targeting INR15bn ($176m) in fresh capital to meet growing institutional demand for structured credit strategies.
KKR’s involvement in InCred underscores the firm’s strategic push into India’s non-bank financial services sector. In 2022, KKR India Financial Services struck a formal partnership with InCred, aligning with the broader trend of global private equity firms increasing exposure to India’s fast-growing credit ecosystem.
A public listing would offer KKR a potential partial exit route, while helping InCred scale further in a competitive lending landscape.
