Mumbai, India-based InCred Capital, the wealth and asset management arm of InCred Financial Services Ltd (IFSL), acquired Orowealth. The company announced the acquisition on January 2, 2023. The purchase of Orowealth is an all-cash deal. However, it did not disclose the amount of the transaction.
Purpose of Acquisition by InCred Capital
With the latest purchase of Orowealth, InCred Capital forayed into the retail wealthtech industry. The company also announced the launch of the retail-focused digital investment platform InCred Money.
The acquisition brings AuM (assets under management) of more than INR 1,100 crore, along with a robust technology platform and an experienced team, to InCred Money. As a part of the deal, Vijay Kuppa, the co-founder of Orowealth, intends to lead InCred Money as the CEO.
The platform intends to develop a B2B2C offering by using technology to effectively integrate a wide network of Independent Financial Advisors (IFA) across the country. It aims to enable them to tap into class-leading products and solutions for the benefit of their end customers.
What the co-founder of Orowealth has to say
Vijay Kuppa, the co-founder of Orowealth, said, “There is a growing demand for non-traditional investment assets from mass affluent and retail investors due to rising income levels and greater awareness. We are addressing this massive demand by putting together a suite of carefully curated products and solutions. We are confident that InCred Money will play a crucial role in making investments easy, trustworthy, and lucrative for the end investor. I am excited to be joining the InCred Group and leading a key pillar of their overall strategy.”
What the InCred Capital official has to say
Bhupinder Singh, Founder and Group CEO of InCred Group, further added, “In the next decade, the democratization of investment opportunities covering the mass affluent and retail segments will be driven by digital platforms that unlock access to non-traditional assets for investors as well as their advisors. This will help create a new market worth tens of billions in AUM. With the launch of the InCred Money platform, we are committed to offering best-in-class products to these rapidly evolving customer segments in keeping with our vision to meet the financial needs of every Indian family.”
About InCred Group
In 2016, Founders Bhupinder Singh, Divya Singh, and Nitin Singh launched InCred. The company operates InCred Finance, a new-age non-banking finance corporation (NBFC) focused on lending, and InCred Capital, an institutional, wealth and asset management platform. The company claims to have recorded an AUM of INR 15,000 crore in the last two years, driven by a team of more than 100 private bankers.
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