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InCred Finance, the MSME lending arm of the InCred Group, has appointed Gaurav Maheshwari as its Chief Financial Officer.

Maheshwari brings nearly three decades of experience in financial leadership, including over 20 years at Standard Chartered Bank, where he 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.

“Joining InCred Finance at this stage in its growth journey is incredibly exciting,” 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 foundation and drive its next phase of growth.”

“Gaurav’s [Maheshwari] deep expertise and proven leadership will be instrumental as we continue scaling operations, enhancing governance, and optimising capital efficiency,” Bhupinder Singh, Founder and Group CEO of InCred said.

The appointment comes amid reports that InCred is looking to raise between Rs 4,000 and 5,000 crore in an IPO late next year. Mint reported that the company is looking at a valuation of Rs 15,000 crore to Rs 22,000 crore.

InCred Group which houses InCred Finance, InCRed Money and InCred Capital reported a profit before tax of Rs 316.35 crore for FY 2024, more than doubling from Rs 120.92 crore in FY23.

The company’s total assets under management stood at Rs 9,039 crore in FY24, a 49.1% jump from Rs 6,062 crore in FY23. Currently its boasts a loan book exceeding Rs 11,000 crore, it said in a statement.

In September another MSME lender, Northern Arc completed its IPO raising Rs 777 crore including Rs 500 crore in fresh issue of equity. The IPO was oversubscribed, with bids 116.92 times the offered shares.