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India’s InCred Holdings files draft IPO prospectus as NBFC revival gathers pace
InCred Holdings files for IPO, tapping into India’s retail credit growth and NBFC revival story.
On 9 November 2025, Mumbai‑based non‑bank lender InCred Holdings filed a draft prospectus with India’s market regulator ahead of a planned initial public offering.
Since its founding in 2016, the firm has disbursed over ₹25,000 crore (~US$2.84 billion) through 140+ branches to 400,000+ customers in personal, student and secured business loans.
The IPO comes amid renewed investor interest in Indian retail credit and NBFCs, even as macro‑headwinds remain. Subscription levels and valuation will provide a litmus test for India’s financing and listing environment.