Zerodha’s Nikhil and Nithin Kamath acquire Rs 250 crore stake in InCred Holdings

Nithin and Nikhil Kamath, the co-founders of online brokerage giant Zerodha, have acquired a minority stake worth Rs 250 crore in InCred Holdings, the parent company of tech-first lender InCred Financial Services Ltd (IFSL).

The strategic investment comes in the run-up to InCred Finance’s reported planned initial public offering, expected to raise Rs 4,000–5,000 crore and value the company between $1.8 billion and $2.5 billion.

The Kamath brothers’ backing is being seen as a significant endorsement of India’s rapidly formalising and digitising credit ecosystem. “India’s credit ecosystem is changing fast—more formal, more digital, and more accessible,” Nikhil Kamath noted. “InCred Group seems to get that. They’ve built a strong team, a technology-first approach, and a clear view of where the market is headed. Backing them is a bet on that broader shift—and the belief that responsible lending can scale without losing sight of fundamentals.”

Founded in 2016 by former Deutsche Bank executive Bhupinder Singh, InCred has grown into a diversified non-banking financial company (NBFC) with exposure across consumer, SME, and education lending. The firm claims a competitive edge through its proprietary risk analytics, deep data science integration, and end-to-end digital operations.

The group now comprises three core entities—InCred Finance (NBFC), InCred Capital (wealth and investment banking), and InCred Money (mutual fund distribution and investment advisory). InCred Finance alone has raised more than $370 million to date, including a $60 million Series D round that marked its entry into the unicorn club. Meanwhile, InCred Capital recently secured $50 million from family offices for its capital markets and advisory business.