InCred Finance appoints Gaurav Maheshwari as CFO, plans to launch IPO

InCred Finance, the consumer and MSME lending arm of the InCred Group, has announced the appointment of Gaurav Maheshwari as its Chief Financial Officer (CFO), effective December 16, 2024.

This move comes at a pivotal time for the company as it charts a path towards expansion and a planned public listing.

Who is Gaurav Maheshwari?

Maheshwari brings over 27 years of experience in financial leadership, including more than two decades at Standard Chartered Bank, where he served as Cluster CFO for India and South Asia.

In these roles, he managed large-scale financial operations and spearheaded strategic initiatives. His illustrious career also includes senior positions at Altico Capital, Reuters India, and Coca-Cola India.

Bhupinder Singh, Founder & Group CEO of InCred, said, "Gaurav’s deep expertise and proven leadership make him a critical addition to our executive team. His insights will be instrumental in driving business performance, enhancing capital efficiency, and strengthening governance as we continue to scale our operations. I am confident he will play a pivotal role in shaping the next phase of InCred Finance’s growth.”

Preparing for IPO

The appointment comes as InCred Finance gears up for an initial public offering (IPO) slated for the last quarter of 2025.

The company aims to raise between Rs 4,000 crore and Rs 5,000 crore (approximately $471–588 million) through the IPO. The move reflects InCred’s ambitions to cement its position in the financial services market.

Founded in 2016 by Bhupinder Singh, InCred Finance operates as a non-banking financial company (NBFC) offering a diverse portfolio of lending solutions.

These include personal loans, student loans, MSME loans, and loans against property. The InCred Group also manages two other entities: InCred Capital and InCred Money.

Robust Financial Performance

In the fiscal year 2024, InCred Group reported impressive growth, with a 48% increase in revenue from operations, reaching Rs. 1,267 crore.

The group also achieved a profit after tax (PAT) of Rs. 316 crore. These results highlight the company’s strong market position and ability to deliver innovative financial solutions.

Backed by prominent investors such as Ranjan Pai, KKR, the Abu Dhabi Investment Authority (ADIA), TRS, OAKS, Investcorp, Moore Capital, and Elevar Equity, InCred Finance has demonstrated significant growth potential.

The support from these investors reflects confidence in the company’s business model and its ability to execute ambitious growth plans.