InCred Capital, the investment banking, institutional brokerage and asset management arm of the InCred Group, is planning to raise around Rs 500 crore in equity funding, said sources. The round, likely to include most existing investors, is expected to make it the second unicorn within the group after InCred Finance.
“The company boasts solid financial metrics. We remain confident that it can continue compounding value,” said Siddharth Parekh, co-founder of Paragon Partners, a private equity investor in InCred Capital. The firm posted revenue of Rs 825 crore in FY25 and is expected to cross the Rs 1,000-crore mark in FY26.
The Group’s Founder and CEO, Bhupinder Singh — a Deutsche Bank veteran— holds 42.5% in InCred Capital. Other shareholders include Ranjan Pai, the Ravi R. Pillai Group, Mankind Group, MMG Family Office and Paragon Partners.
InCred Capital provides advisory, investment and execution services through a single platform. It caters to HNIs, entrepreneurs and family offices in India and overseas.
The firm’s offshore operations in Singapore, Dubai and London handle a diversified portfolio — only about 10% is invested in Indian products, with the majority in global offerings.
InCred Capital has also expanded through acquisitions, including Arrow Capital (wealth management, Dubai) and Vishuddha Asset Management (India). It is building its M&A and ECM investment-banking franchises, having advised transactions worth $8.5 billion since inception.
InCred Finance, the group’s retail lending arm, entered the unicorn territory in November 2023 and is preparing for an IPO. InCred Money, its digital-wealth platform, recently raised $30 million at a $250-million valuation.
The InCred Group counts KKR, ADIA, TRS, OAKS, Moore Capital, Elevar Equity and Ranjan Pai (family office) among its investors. The Kamath brothers of Zerodha have invested Rs 250 crore in InCred Holdings, the parent of InCred Finance.
“As long-term investors, we’ve admired InCred Capital’s disciplined execution in building an integrated platform,” Parekh said.