Zerodha’s Kamath brothers invest Rs 250 crore in InCred Holdings

Nithin and Nikhil Kamath, cofounders of stockbroking platform Zerodha, have acquired a minority stake in InCred Holdings, the holding company of non-banking financial company (NBFC) InCred Financial Services, through a Rs 250 crore share purchase.

The investment comes as InCred prepares for a potential Rs 4,000 crore initial public offering (IPO), joining a growing list of tech-led financial services firms eyeing the public markets.

“India’s credit ecosystem is changing fast—more formal, more digital, and more accessible,” said Nikhil Kamath. “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.”


The development also follows its wealth management arm, InCred Wealth, marking its entry into the retail broking space with the acquisition of discount broking platform Stocko.

Founded in 2016 by Bhupinder Singh, InCred Group operates three key verticals: InCred Finance, which focuses on consumer, small and medium enterprises, and education lending; InCred Capital, which offers wealth and investment banking services to high net worth individuals (HNIs) and institutions; and InCred Money, which provides fixed deposits (FDs) and alternative investment products to retail investors.

In 2022, InCred Finance merged with KKR India Financial Services, creating a unified NBFC platform under the InCred Finance brand. The firm entered the unicorn club in December 2023 after raising $60 million in its Series D round from HNIs, valuing it at around $1.04 billion.

In April, Bloomberg reported that InCred Financial Services was in talks with potential advisers, including IIFL Securities, Kotak Mahindra Bank, and Nomura Holdings, for a proposed Rs 4,000 crore IPO.