InCred, KKR India Financial Services Complete Merger, Hope to Become a ‘Lead’ NBFC


  • The two companies will now operate under InCred Finance‘s brand names.
  • The duo believe that the merger would create a “leading” NBFC.
  • KKR India Financial Services is a subsidiary of Reliance Jio’s investor KKR.

InCred Financial Services and KKR India Financial Services (KIFS) announced on Tuesday that they have completed the merger of their lending businesses.

In August last year, an agreement was announced to merge the non-bank lending of these two entities. The two companies had been engaged in lengthy talks for more than a year before sealing the deal.

The merged company will now operate under the name InCred Finance, with a balance sheet of $600 million and equity of $300 million.

“The strategic partnership with KKR accelerates our ability to deliver our industry-leading offering at scale and take advantage of India’s vast credit opportunities,” said Bhupinder Singh, Founder and CEO of InCred Group.

Singh, who founded InCred in 2016 to provide tech-enabled loans to SMEs, consumers and even education loans, will also lead the newly merged entity.

The duo believe that the merger would create a leading Indian non-bank finance company (NBFC).

“This merger combines the strengths of InCred Finance and KIFS to create a leading lending platform with the enhanced resources and expertise to meet the diverse financing needs of Indian clients. KKR is pleased to remain involved with the company as a strategic partner,” added Gaurav Trehan, partner and CEO of KKR India.

KKR India Financial Services is a subsidiary of global investment firm KKR, which invests in Reliance’s Jio Platforms, Reliance Retail, Max Healthcare, LivSpace, JB Chemicals & Pharmaceuticals and more. The lending subsidiary is focused on wholesale or corporate lending.

InCred Finance was founded in 2016 by Singh. It offers loans to customers, businesses and students through both online and offline media. The company claims that its loan portfolio has already reached $500 million in the span of seven years.

InCred has raised nearly $300 million to date. It counts INVESTCORP, OAKS, Moore Capital, Elevar Equity, Paragon Partners, Anshu Jain of Cantor Fitzgerald, Ranjan Pai of Manipal Education and Medical Group and Gaurav Dalmia of Dalmia Group Holdings as investors.


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