CRISIL

﻿InCred﻿ Financial Services Ltd's loan book grew 55% year over year (YoY) to reach Rs 8,013 crore till December 2023. Gross disbursements for this period reached Rs 6,583 crore. Announcing its Q3 FY24 results, the fintech company said the growth in assets under management (AUM) was evenly distributed across all segments, including consumer loans, education loans, and SME lending. While personal loans accounted for 45% of all lending, with the average ticket size being Rs 96,000, the share of student loans was 22%, with an average loan size of Rs 33 lakh. While the company didn't reveal its net profit. While the company didn't reveal its net profits, its profit before tax grew 131% to Rs 298 crore in April-December 2023, compared with Rs 129 crore earned in the same period a year ago.

Fintech unicorn InCred Finance crosses Rs 8,000 Cr AUM on the back of personal loans

The 8-year-old Incred Finance is one such shark. It not only digested the ailing loan book of the nearly 30-year-old KKR India Financial Services (KIFS), which was over 3X its own size, much ahead of schedule, but also evolved into one of India’s rare unicorn non-banks late last year. And, for a cherry on top, its profits have grown since the 2023 fiscal.

When Incred began the merger process with KIFS—the beleaguered non-bank arm of global private-equity (PE) giant Kohlberg Kravis Roberts &amp; Co (KKR)—in 2021, most of the corporate loans that came with the latter had turned sour. These included credit lines extended to the struggling coffee chain Coffee Day Enterprises, auto parts manufacturer Sintex, and IIT coaching institute Resonance.

Incred Finance saw a saviour in KKR, but itself became a hero post-merger

Owing to its nascent scale of operations, operating expenses for Incred, though correcting, have remained high attributed to support costs, employee and technology-linked expenses. Furthermore, on-boarding of senior management to lead respective asset segments also contributed to the high employee expenses in fiscal 2023.

As on March 31, 2023, GNPA of the overall loan portfolio improved gradually to 2.1%, as compared to 2.8% as on March 31, 2022. The NPA metrics were impacted during the pandemic.


The issuer has made timely interest payments.

Bhupinder Singh, Founder & CEO

Strong Capitalization position is supported by a high pedigree of investor base like Investcorp Paragon Partners, FMO, OAKS Asset Management, Moore Strategic Ventures and Elevar Equity.

Incred was promoted in 2016, by Mr Bhupinder Singh, Whole Time Director and CEO. Having been associated with Deutsche Bank with his last stint as head of the Corporate Finance division and the co-head of the Fixed Income, Equities and Investment Banking divisions for the Asia Pacific region, he has a professional experience of over two decades.

InCred had a diversified loan portfolio of personal loans, student loans, lending to FIs, anchor & escrow backed business lines and secured school financing. 

9.84%Incred Financial Services Limited 10 Nov 2026

ISIN:

INE321N07376

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Incred Financial Services Limited

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Fintech unicorn InCred Finance crosses Rs 8,000 Cr AUM on the back of personal loans

Incred Finance saw a saviour in KKR, but itself became a hero post-merger

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