Mumbai-based InCred Capital, a non-banking finance company has acquired the Dubai wealth business of L&T Capital. The company did not disclose the financial details of the deal.
The acquisition will mark InCred’s entry into asset management, wealth management and investment banking through InCred Capital, the statement added.
L&T Capital, a wealth management subsidiary of Mumbai-based engineering conglomerate Larsen and Toubro Group, provides wealth and investment management solutions to manage portfolios.
This move is followed by InCred Capital’s recent acquisition of Reliance Wealth and the launch of a $100 million credit fund, which are pending regulatory approvals, InCred said in a statement.
“We see a huge opportunity in the rapidly growing market for wealth management in India. We aim to provide a truly global experience to Indians around the world and the L&T Dubai acquisition provides us with an excellent platform,” said Bhupinder Singh, founder and CEO, InCred.
The company also said that the acquisition of L&T Wealth’s Dubai franchise is the first step towards establishing a global Indian platform for InCred Capital’s businesses.
The online lending platform competes with IndiaLends, LendingKart, CapitalFloat and HDFC Credila, among others, in this segment.
InCred, founded by Bhupinder Singh in 2016, is an integrated provider of financing solutions and advisory services to our corporate and institutional clients through our capital markets, asset management and investment banking platforms.
The company started consumer lending in March 2016 whereas small business lending in March 2017. It claims to have an asset book of over 2000 crores.
In April this year, the online loan platform InCred had raised $86 million in Series A round of funding led by Dutch Development bank FMO.