InCred Capital, an investment bank, institutional brokerage and asset manager, is planning a Rs 500-crore equity fundraising that will make it the second unicorn within the InCred Group, said sources, adding that most of the existing investors are participating in the new funding round.
“The company boasts of solid financial metrics. We remain confident it can compound value,” said Siddharth Parekh, co-founder of Paragon Partners, a private equity investor in InCred Capital. The firm generated revenue of Rs 825 crore in FY25. It is expected to cross the Rs 1,000-crore mark in FY26.
The group’s founder and CEO, Bhupinder Singh, a Deutsche Bank veteran, owns 42.5% in InCred Capital and renowned investors such as Ranjan Pai, Ravi R. Pillai Group, Mankind Group, MMG Family Office, and Paragon, are among its shareholders.
An email sent to the company for a response was not replied to. InCred Finance, the group’s IPO-bound retail lender, entered the unicorn territory in November 2023.
The Kamath brothers of Zerodha, India’s largest unicorn, had invested Rs 250 crore in InCred Holdings, the parent of InCred Finance.
The group raised funds several times recently. Equity investors include PE major KKR, sovereign fund ADIA, TRS, OAKS, Moore Capital, Elevar Equity, and Ranjan Pai (family office) among others.
InCred Money, the group’s digital wealth foray, recently raised $30 million at $250-million valuation.
InCred Capital has struck some acquisitions, including Arrow Capital (wealth management firm in Dubai) and Vishuddha Asset Management (India). It has offshore operations in Singapore and London.
Around 10% of its offshore portfolio is invested in Indian products, with the majority being global offerings. The firm serves HNI clients – professionals, entrepreneurs, and family offices.
“As long-term investors, we’ve admired InCred Capital’s disciplined execution in building an integrated platform, Parekh said.
InCred Capital is expanding its investment banking operations (both M&A and ECM), where it has advised transactions worth $8.5 billion since inception.