InCred Capital acquires L&T Capital Dubai, to foray into global wealth management business
Mumbai-based InCred Capital, a non-banking financial company (NBFC) on Monday said that it has acquired the Dubai arm of L&T Capital’s wealth management business.
The development follows InCred Capital’s recent acquisition of Reliance Wealth and the launch of a $100 million Credit Fund, which are pending regulatory approvals, the company said in a statement.
However, the deal value of the acquisition couldn’t be ascertained at the point of publishing this article.
With this acquisition, InCred is now making a foray into fee businesses which includes asset management, wealth management, and investment banking - through InCred Capital.
The acquisition of L&T Wealth’s Dubai franchise is the first step towards establishing a global platform for InCred Capital’s businesses.
Founded in 2016 by Bhupinder Singh, InCred started its operations with consumer lending in March 2016. It then diversified into small business lending in March 2017, and at present, claims to have a loan book of over Rs 2,000 crore.
Speaking on the acquisition of L&T Capital Dubai, Bhupinder Singh, CEO & Founder, InCred Capital, said,
“We see a huge opportunity in the rapidly growing market for wealth management in India. We aim to provide a truly global experience for Indians around the world. The L&T Dubai acquisition provides us with an excellent platform.”
Earlier in April 2019, InCred raised Rs 600 crore as part of its Series A funding round, led by Dutch development finance institution, FMO. The round also saw participation from the US-based asset manager Moore Capital; India and Latin America-focussed PE fund, Elevar; and Alpha Capital, an early-stage investor of InCred.
The Series A funding round took the total equity capital received by the company to over Rs 1,000 crore.
Other marquee investors in InCred currently include- Dr Ranjan Pai-led Manipal Education and Medical Group; former Co-CEO of Deutsche Bank, Anshu Jain; Paragon Partners; Moore Capital; Investcorp Bahrain; among others.
(Edited by Suman Singh)