InCred Financial aims for up to ₹5,000 crore IPO next Diwali

The company entered the unicorn club in December last year, when it raised $60 million from investors

- Priyamvada C & Ranjani Raghavan

InCred Financial Services Ltd aims to raise ₹4,000-5,000 crore ($471-588 million) in an initial public offering late next year, less than two years after the KKR-backed fintech startup earned its unicorn stripes, two people familiar with its plans told Mint.

The issue is expected to be valued at ₹15,000-22,500 crore ($1.78-2.6 billion), one of them said, adding that InCred will shortly finalise merchant bankers to manage its IPO.

"The company aims to appoint four banks by January and wants to launch a Diwali 2025 initial public offering," this person said.

InCred declined to comment on its IPO plans.