InCred Alternative Hits First Close Of Maiden PE Fund

SUMMARY

Launched late last year, IGPF-I has garnered capital commitments of over INR 330 Cr in the first close, with a target of final close at INR 500 Cr

The fund will focus on investing in growth and late-stage companies across consumer, financial services, and enterprise or technology sectors

Earlier this year, Incred Group’s alternative investment platform InCred Alternatives Investments launched its maiden Category II alternative investment fund

InCred Alternative Investments, the alternative asset management unit of InCred Capital, has marked the first close of its maiden private equity fund.

Launched late last year, InCred Growth Partners Fund – I (IGPF – I) has garnered capital commitments of over INR 330 Cr in the first close, with a target of final close at INR 500 Cr.

The fund aims to invest in growth and late-stage companies across consumer, financial services and enterprise or technology sectors with an average ticket size of INR 40-80 Cr.

The fundraising saw support from large HNI/UHNI investors. The fund is led by Vivek Singla, managing partner and CIO of Private Equity.

“The successful first close of IGPF – I is a testament to our strong track record and the trust placed in us by our investors. It is also resonant of the confidence returning to the private equity space, with private market valuations being at realistic levels and a stark shift in the founders’ mindset from ‘growth at any cost’ to ‘profit after all costs.”,” Singla said.

Founded in 2016 by Bhupinder Singh, the lending business of InCred group started working as a new-age, tech and risk-analytics-focused lending institution. Its business verticals include consumer loans, student loans, and MSME Lending.

Earlier this year, Incred Group’s alternative investment platform InCred Alternatives Investments launched its maiden Category II alternative investment fund (AIF) in the private equity space.

InCred Alternative has expanded its investment strategies with the addition of private equity, joining its existing private credit and hedge fund options. Following the latest fundraise for IGPF – I, the firm now oversees approximately INR 3,000 Cr across various strategies, encompassing both alternatives and equities.

This comes after its parent fintech entity InCred turned unicorn by raising a $60 Mn (INR 500 Cr) in a Series D funding round led by Manipal Education and Medical Group’s Ranjan Pai.

Incred Financial Services’ net profit quadrupled to INR 120.9 Cr in the financial year 2022-23 (FY23) from INR 30.8 Cr reported in the previous fiscal year. The company reported an over 77% jump in its operating revenue to INR 864.6 Cr in the reported fiscal year from INR 488 Cr in FY22.