IPO-bound InCred Finance, the consumer and MSME lending arm of the InCred Group, has appointed Gaurav Maheshwari as Chief Financial Officer (CFO), effective December 16.
The strategic move comes as the KKR-backed NBFC gears up for its anticipated public listing next year, aiming to raise between Rs 4,000 crore and 5,000 crore at a valuation of Rs 15,000 to 22,500 crore.
Maheshwari, a Chartered Accountant with over 27 years of financial leadership experience, was previously the Cluster CFO for India and South Asia at Standard Chartered Bank. He has held key roles at Altico Capital, Reuters India, and Coca-Cola India.
The appointment follows the resignation of former CFO Vivek Bansal earlier this year, who left to co-found Saarathi Finance, a new NBFC fintech venture, alongside Kotak Mahindra Bank's Sunil Daga, Moneycontrol had exclusively reported.
With Maheshwari at the helm of its financial operations, InCred is doubling down on its secured loans business to fuel growth.
Prithvi Chandrashekhar, CEO of Consumer Finance at InCred, highlighted the company’s focus on secured business loans as its next growth frontier. Speaking at Moneycontrol's India Fintech Conclave 2024, he said, “The fastest growth will be in our secured business loan vertical... We are doubling down on that segment.”
Chandrashekhar also reiterated InCred’s intent to go public, stating, “We have been talking about accessing the public markets for several months now... As a now fairly big NBFC in a capital-hungry business, that is the natural path for us.”
We will definitely be listed, just a question of when: InCred’s Prithvi Chandrashekhar
The CEO emphasised the importance of regulatory engagement, noting that “stability and clarity” are critical for attracting investor confidence. He also acknowledged a temporary slowdown in disbursals of consumption loans, driven by the Reserve Bank of India’s measures and rate hikes.
InCred IPO ambitions
InCred achieved unicorn status last year after raising $60 million in Series D funding, led by Ranjan Pai, RP Group’s Ravi Pillai, and Deutsche Bank’s Ram Nayak. The company now operates multiple verticals, including lending (InCred Finance), wealth and asset management (InCred Capital), and digital investment distribution (InCred Money).
With a loan book exceeding Rs 11,000 crore and a network of over 100 branches, InCred Finance has enabled credit access for over 5 lakh households, many from underserved communities, it claims. The company reported a profit before tax (PAT) of over Rs 420 crore and a pre-tax Return on Assets (RoA) of 5.7 percent.
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