InCred announces completion of merger with KKR India
By Leandra Monteiro
InCred and KKR announced the conclusion of the strategic merger of InCred Financial Services Limited and KKR India Financial Services Limited (“KIFS”).
The closure of the transaction creates a leading Indian non-banking finance company with the enhanced resources to better meet the needs of retail borrowers and micro, small and medium enterprises (“MSMEs”). InCred Finance’s combination with KIFS meaningfully adds to its equity base and strengthens its ability to accelerate growth and gain market share in the retail and MSME lending space. The transaction further reaffirms the strength and quality of the retail lending platform built by InCred Finance, which has a sharp focus on strong risk-management and collections practices and incorporates innovative technology solutions to enhance operational efficiencies.
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.”
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 entire team.”
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