InCred Finance, the MSME lending arm of the InCred Group, has appointed Gaurav Maheshwari as Chief Financial Officer.
Maheshwari brings nearly three decades of financial leadership experience with over 20 years at Standard Chartered Bank, where she served as Cluster CFO for India and South Asia.
He has also held senior positions at Altico Capital, Reuters India and Coca-Cola India. He is a Chartered Accountant and alumnus of Sydenham College of Commerce and Economics.
“It is incredibly exciting to join InCred Finance at this stage in its growth journey,” Maheshwari said in a statement. “The company has established itself as a leader in the Indian NBFC sector, and I look forward to working with the team to further strengthen its financial base and drive the next phase of its growth.”
“Gaurav (Maheswari)’s deep expertise and proven leadership will play a critical role as we continue to scale operations, enhance governance, and optimize capital efficiency,” said Bhupinder Singh, founder and group CEO of Incred.
The appointment comes amid reports that InCred is looking to raise between Rs 4,000 and 5,000 crore through an IPO late next year. mint The company is looking at a valuation of Rs 15,000 crore to Rs 22,000 crore.
InCred Group which comprises InCred Finance, InCRed Money and InCred Capital reported a pre-tax profit of Rs 316.35 crore for FY 2024, more than double from Rs 120.92 crore in FY23.
The company’s total assets under management stood at Rs 9,039 crore in FY24, compared to Rs 9,039 crore in FY23. 6,062 crore, an increase of 49.1%. Currently its loan book is over Rs 11,000 crore, it said in a statement.
In September, another MSME lender, Northern Arch, completed its IPO by raising Rs 777 crore, including Rs 500 crore in a fresh issue of equity. The IPO was oversubscribed with 116.92 times the bid of the offered shares.