Bhupinder Singh, Founder and CEO, InCred.
Bhupinder Goyal-led InCred Group has forayed into asset management with the acquisition of Vishuddha Capital Management LLP. The acquisition was routed through InCred Asset Management, part of InCred Capital. InCred Capital is the wealth management arm of InCred Group launched in 2019.
This is the first acquisition made by InCred Asset Management. Recently, the company also roped in ex-Blackstone Group's equity business head Punita Kumar Sinha as Chief Investment Officer. She is the spouse of former Civil Aviation Minister Jayant Sinha.
“The acquisition of Vishuddha adds an important element to the Wealth and Asset Management product suite within InCred Capital. I have been impressed by Aditya’s passion and vision for the business and I am looking forward to working with him and his team to take this business to new heights," said Bhupinder Singh, Founder and CEO of InCred Group.
Founded by fund manager Aditya Sood in 2018, Vishuddha is an equity-focused alternate investment fund (AIF). With more than 17 years of experience, Sood was previously the fund manager for ICICI Prudential AMC Portfolio Management Services (PMS) where he was managing a portfolio worth more than Rs 4,000 crore.
According to a recently published report by Mordor Intelligence, the Indian asset management market is expected to grow at a CAGR of 14 percent between 2020-2025.
"The Indian asset management landscape will see massive growth in the years to come and InCred is very well positioned to take advantage of that," said Aditya Sood, Founder of Vishuddha
Earlier in 2019, InCred Group also acquired Reliance Wealth and Dubai wealth business of L&T Capital, along with the launch of a $100 million credit fund. Recently, in June this year, the company acquired personal loan marketplace Qbera as well.
InCred Capital acquires L&T Capital Dubai, to foray into global wealth management business
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.
(Edited by Kanishk Singh)
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Link : https://yourstory.com/2020/08/incred-acquires-vishuddha-asset-management
Author :- Meha Agarwal ( )
August 13, 2020 at 01:18PM
YourStory