InCred and KKR announced the conclusion of the strategic merger of InCred Financial Services Limited (InCred Finance) and KKR India Financial Services Limited (KIFS).
Commenting on the closure of the deal, Bhupinder Singh, Founder and CEO of InCred Group, said, “InCred Finance’s business has emerged in great shape from the pandemic delivering top notch risk performance. The strategic partnership with KKR significantly accelerates our ability to deliver our class leading offerings at a large scale and to capitalise on the enormous credit opportunity in India.”
Founded in 2016 by Bhupinder Singh, InCred Finance is a new age lending institution that spans online and offline models across consumer lending, small business lending and education finance. InCred has focused on building deep moats in the businesses it operates in with its loan book touching US$500 million.
Gaurav Trehan, Partner and CEO of KKR India, added, “This merger combines the strengths of InCred Finance and KIFS to create a market-leading lending platform with the enhanced resources and expertise to meet the diverse funding needs of Indian customers. KKR is pleased to remain involved with the business as a strategic partner, and we look forward to embarking on this next phase alongside Bhupinder and the broader InCred Finance team.”
InCred Finance is a strategic investment for KKR and is not a portfolio company in a KKR fund.
