INCRED FINANCIAL SERVICES LIMITED

Issue Size (Net)

up to Rs. 300 Crs

Credit Ratings

CRISIL A+/Stable

Issue Opening Date

25th Oct 2023

Issue Closing Date

07th Nov, 2023

ROI Chart Term Sheet Company Highlights Financials Highlights Prospectus

Specific Terms for Each Series of NCDs
Series	I	II	III	IV	V
Frequency of Interest Payment	Monthly	Quarterly	Monthly	Annual	Monthly
Tenor	18 Months	24 months	24 Months	36 Months	36 months
Coupon (% per annum) for NCD Holders in all Categories of Investors	9.48%	9.55%	9.66%	10.3%	9.84%
Effective Yield (% per annum) for NCD Holders in all Categories of Investors	9.88%	9.88%	10.08%	10.28%	10.29%
Redemption Amount (₹ / NCD) on Maturity for NCD Holders in all Categories	Rs 1,000.00	Staggered Redemption in eight (8)quarterly payments of ₹ 125 each, starting from 1st quarter** until maturity	Rs 1,000.00	Staggered Redemption in Three (3) annual payments of ₹ 333 for year 1, ₹ 333 for year 2 and ₹ 334 for year 3 starting from 1st anniversary** until Maturity	Rs 1,000.00
Put/Call Option	NA

1.Company Information

InCred Financial Services Limited (‘InCred/IFSL’) is a non-deposit taking, non-banking financial company eadquartered in Mumbai. Having started its operations in Feb’17, it is a new-age financial services platform that leverages technology and data science, throughout its lending chain, thereby reducing the turnaround time.It was Incorporated in Jan’91 as Visu Leasing and Finance Pvt Ltd (VLFL), this company was acquired by InCred in 2016, after which, its name was changed to reflect the InCred brand. • InCred commenced its operations with a net worth of around ₹ 500 Cr., mainly contributed by the founder’s company – Bee Finance Ltd (Mauritius). InCred initially raised optionally convertible debentures (OCDs) in FY17 and converted them to equity in FY19 (Apr’18) amounting to the tune of ₹ 116 Cr. from Investcorp (IDFC Private Equity) and Paragon Partners. Furthermore, during Apr and May’19, it raised compulsorily convertible preference shares (CCPS) of ₹ 427 Cr. from institutional investors such as FMO (the Netherlands Development Finance Company), OAKS Asset Management (Formerly known as Alpha Capital), Moore Strategic Ventures, and Elevar Equity

2. STRENGTHS

i. Strong capitalization position supported by high degree of investor base:

ii. Experienced Board and Management Team

iii. Prudent credit and collection policies aimed at maintaining strong asset quality

iv. Diversified credit profile, strong credit evaluation and risk management systems

v. Reach across a varied Customer base and customer sourcing models:

Incred Financial Services Limited Financial Information (Restated Consolidated)

Period Ended	Total Assets	Total Revenue	Profit After Tax	Net Worth	Reserves and Surplus	Total Borrowing
31-Mar-23	6608.39	877.45	120.92
31-Mar-22	4034.65	524.27	36.12
31-Mar-21	2804.53	392.48	10.23
Amount in Rs. Crore

Issuer	InCred Financial Services Limited
Instrument	Dematerialized form
Issue Opens on	25th October, 2023
Issue Closes on	07th November, 2023
Issue Size	Public issue by the Company of secured redeemable non-convertible debentures of face value of Rs.1,000 each (“NCDs”) for an amount up to Rs.150 Crs (“Base Issue Size”) with a green shoe option of Rs. Rs.150 Crs aggregating up to Rs.300 Crs
Issue Price / Face Value	Rs.1,000/- per NCD
Minimum Application	Rs. 10,000 (10 NCD) collectively across all Options
Credit Rating	CRISIL A+/Stable
Registrar	Link Intime India Private Limited
Listing	The NCDs are proposed to be listed on BSE within 6 Working Days from the respective Tranche Issue Closing Date.
Allocation Ratio	QIB:5%, Corporate:10%, HNI:40% and Retail Individual : 45%
Basis of allotment	First come First serve

Specific Terms for Each Series of NCDs
Series	I	II	III	IV	V
Frequency of Interest Payment	Monthly	Quarterly	Monthly	Annual	Monthly
Tenor	18 months	24 months	24 months	36 months	36 months
Coupon (% per annum) for NCD Holders in all Categories of Investors	9.48%	9.55%	9.66%	10.3%	9.84%
Effective Yield (% per annum) for NCD Holders in all Categories of Investors	9.88%	9.88%	10.08%	10.28%	10.29%
Redemption Amount (₹ / NCD) on Maturity for NCD Holders in all Categories	Rs. 1000	Staggered Redemption in eight (8)quarterly payments of ₹ 125 each, starting from 1st quarter** until maturity	Rs.1000	Staggered Redemption in Three (3) annual payments of ₹ 333 for year 1, ₹ 333 for year 2 and ₹ 334 for year 3 starting from 1st anniversary** until Maturity	Rs. 1000
Put/Call Option	NA

Prospectus File

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