InCred Capital

What InCred Capital does

InCred Capital is the institutional, wealth, and asset management arm of InCred Group, founded by Bhupinder Singh (former Co-Head of Corporate Banking and Securities, Deutsche Bank Asia Pacific) in 2016, with the capital-markets business starting in September 2018. The firm operates an integrated financial services platform built around four business units: Investment Banking (M&A advisory, financial advisory, restructuring, and equity capital markets, with sector depth in Healthcare, Consumer, Tech, Industrials, and BFSI); Wealth Management under the InCred Wealth brand (serving HNI and UHNI clients across India and 10+ NRI markets with primary and secondary debt and equity, private equity placements, structured products, alternative fund opportunities, and global market access); Asset Management (portfolio management services and AIF management through InCred Asset Management and InCred Alternatives); and a retail wealth-tech arm, InCred Money, launched in 2023 after acquiring Orowealth.

The platform is executed through four wholly-owned, SEBI-registered subsidiaries covering stockbroking, investment advisory, portfolio management, depository participation, research analysis, merchant banking, and AIF management (Cat I, II, III). As of mid-2026 the firm reports Wealth Management AUM of INR 1,00,000 crore (USD 10.5 billion), Asset Management AUM of INR 10,000 crore (USD 1 billion), InCred Alternatives private credit AUM above INR 4,000 crore, Investment Banking deal volume of approximately USD 7 billion across 250+ deals, and total deal value of USD 9.5+ billion including 90+ M&A transactions and 50+ cross-border deals; it has been ranked #4 globally by M&A deal closures in H1 2023, #5 in CY22, and #1 Private Lender by Deal Volume in India.

The firm operates from offices in Mumbai (headquarters), Singapore, Dubai, London, and New York (opened June 2026), with revenue generated through transaction advisory fees, asset-based management and performance fees, brokerage and distribution commissions, and interest income from private credit. Existing institutional investors include KKR and MNI Ventures, and parent InCred Holdings filed an Updated Draft Red Herring Prospectus with SEBI in May 2026 for an INR 1,250 crore IPO.

Name

InCred Capital

Legal name

InCred Capital Financial Services Limited

Website

https://www.incredcapital.com

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

51–100 employees

Short description

InCred Capital is the institutional, wealth, and asset management arm of InCred Group, offering integrated investment banking, HNI/UHNI wealth management, asset management, and alternative investments to corporate clients, institutional investors, and high net worth individuals across India, Singapore, Dubai, London, and New York.

Ownership category

akta.pro rank

Product category

Investment Banking and Wealth Management

NAICS

Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910), Other Financial Vehicles (52599), Other Investment Pools and Funds (5259), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Investment Advice (6282), Asset-Backed Securities (6189)

akta.pro primary industry

Capital Raising Advisory (Equity & Equity-Linked) (FSAEAGAC)

akta.pro secondary industries

Equity Capital Advisory (Private Equity Placements, Growth Capital) (BPAHAOAE), Asset-Backed Securities (ABS) (FSACACAA), Institutional Capital Introduction (LP/Family Office/Endowment Matching) (FSAEALAI)

Keywords

• Investment banking services
• Wealth management advisory
• Asset management services
• Alternative credit funds
• Financial advisory services

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Investment Banking Advisory: M&A, restructuring, financial advisory, and equity capital markets services rendered to corporate clients, generating fee income from transaction-based advisory mandates.
2. Wealth Management: Wealth management services for HNI and UHNI clients including product distribution (debt, equity, structured products, alternative funds, global market access), generating fees and commissions.
3. Asset Management: Asset management across mutual funds, alternative investment funds (AIFs), and portfolio management services, generating management fees and performance fees.
4. Alternative Investments / Private Credit: Private credit and special situations lending through closed-ended AIF funds, generating interest income and carried interest.

Go-to-market motion3 records

Distribution channels2 records

Marketing channels4 records

Core offering

InCred Capital is an integrated financial institution providing Investment Banking services (M&A advisory, equity capital markets, financial advisory and restructuring), Wealth Management for HNI/UHNI clients via InCred Wealth, Asset Management (portfolio management services, mutual funds and AIFs) via InCred Asset Management, and Alternative Investments (private credit and special situations lending) via InCred Alternatives. The platform operates through SEBI-registered subsidiaries and serves institutional investors, corporate clients and wealthy individuals with an integrated ecosystem connecting global liquidity to Indian investment opportunities.

Product overview

InCred Capital operates as a diversified financial services platform with an integrated business model comprising four main business units: Investment Banking (M&A, financial advisory, and equity capital markets), Wealth Management (InCred Wealth serving HNI/UHNI clients), Asset Management (InCred Asset Management offering portfolio management and AIF services), and Alternative Investments (InCred Alternatives managing credit and special situations funds). The company also operates InCred Money, a retail digital investment platform launched in 2023. The platform is backed by multiple SEBI-registered subsidiaries including InCred Capital Wealth Portfolio Managers, InCred Asset Management Private Limited, InCred Alternative Investments Private Limited, and InCred Research Services Private Limited, enabling it to offer stockbroking, investment advisory, portfolio management, depository, research, and merchant banking services through a single integrated ecosystem.

Differentiator

Problem solved

Functional benefit

Products and services

• Investment Banking Investment Banking services offering M&A advisory, financial advisory, restructuring and equity capital markets solutions for Indian and international corporations, with deep sector expertise across Healthcare, Consumer, Tech, Industrials and BFSI.
• InCred Wealth Wealth management platform serving HNI and UHNI clients with products spanning primary and secondary debt and equity, private equity placements, equity structured products, alternative fund opportunities and global market access, distributed through dedicated relationship managers across 50+ Indian cities and 10+ countries.
• InCred Asset Management Asset management platform offering portfolio management services, mutual funds and Alternative Investment Fund (AIF) management for institutional and individual investors, including Category I, II and III AIFs such as the India Value and Growth Trust and InCred Equity Opportunities Trust.
• InCred Alternatives Alternative investments platform managing special opportunities credit funds, performing private credit funds and special situations AIFs targeting sectors including auto, power, oil and gas, and hospitality, ranked No. 1 Private Lender by Deal Volume.
• InCred Special Opportunities Fund-I Category II, close-ended Alternative Investment Fund from InCred Alternatives targeting special situations credit investments across auto, power, oil and gas, and hospitality sectors; closed at hard cap of INR 1,500 crore with ~75 percent deployed.
• InCred Money Digital investment platform acquired via Orowealth that provides retail investors access to investment products, marking InCred's foray into retail wealth-tech under the broader InCred Group ecosystem.
• InCred Structured Products Structured investment products offered as part of the integrated financial platform, listed on the company's homepage alongside its four primary business units.

Quantifiable outcome

• Wealth Management AUM of INR 1 lakh crore (USD 10.5 billion) and Asset Management AUM of INR 10,000 crore (USD 1 billion)
• +3 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core.

• S Cube CapitalcoreStrategic or Co-development Partner · 12 May 2026InCred Capital acquired Singapore-based S Cube Capital, integrating it through its subsidiary InCred Global Wealth Pte to expand its offshore wealth platform specifically strengthening investment capabilities across the Singapore-Gulf Cooperation Council-India corridor.
• OrowealthcoreStrategic or Co-development Partner · 2 January 2023InCred Capital acquired a 71% stake in digital investment firm Orowealth in an all-cash deal, subject to regulatory approval. Vijay Kuppa, co-founder of Orowealth, became CEO of InCred Money (the retail wealth-tech arm), aiming to grow assets under management and expand product offerings in the digital investment space.
• InCred Global Wealth PtecoreOthersInCred Capital uses its Singapore subsidiary InCred Global Wealth Pte as the vehicle for integrating and operating its offshore wealth platform, including the S Cube Capital acquisition, serving clients with cross-border wealth management needs across Singapore, GCC, and India.

Scale indicators13 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• JM Financial: Diversified Indian financial services platform with investment banking, institutional equities, wealth management, and asset management businesses. Directly comparable integrated platform competitor with stronger brand recognition in Indian IB.
• Kotak Mahindra Capital: One of India's leading domestic investment banks offering M&A advisory, ECM, and DCM solutions to corporate clients. Most directly comparable Indian IB competitor to InCred Capital's Investment Banking franchise, with similar sector coverage and mid-to-large cap deal focus.
• ICICI Securities: Integrated Indian securities firm offering investment banking, institutional equities, wealth management, and retail broking. Direct competitor across InCred's IB, Wealth, and Asset Management business lines, with a larger institutional equity distribution footprint.
• Axis Capital: Indian investment banking and institutional equities arm of Axis Bank, providing M&A advisory, ECM, DCM, and equity research. Comparable to InCred Capital's IB franchise in deal size, sector coverage, and cross-border execution.
• IIFL Securities: Integrated Indian financial services firm offering investment banking, institutional broking, wealth management, and asset management. Comparable to InCred Capital across multiple business lines with similar target client segments (HNI, UHNI, institutional).
• Motilal Oswal Financial Services: Indian financial services group with strong wealth management, asset management, and institutional equities businesses. Comparable to InCred Capital's wealth and AM platforms, with deeper retail distribution via the Motilal Oswal brand.
• Edelweiss Financial Services: Diversified Indian financial services platform spanning credit, alternatives, wealth, and asset management. Comparable to InCred Capital's integrated model — particularly on the alternatives/credit side where Edelweiss Alternative Asset Advisors is a major competitor.
• Avendus Capital: India-focused investment bank with strong M&A, ECM, and structured finance practices. Closest comparable mid-to-large-cap Indian IB peer in terms of deal size focus, sector expertise, and cross-border execution capabilities.

Broad incumbents

• Nomura: Global bulge-bracket bank with deep India investment banking and equities presence. Competes with InCred Capital on cross-border M&A and ECM mandates, but operates as a global franchise rather than India-focused specialist.
• Goldman Sachs (India): Global bulge-bracket bank with established India M&A and capital markets practice. Competes with InCred Capital on large-cap cross-border mandates and increasingly in wealth management — but with vastly greater resources and brand recognition.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/incredcapital?lang=en
• LinkedInlinkedin.com/company/incred-capital

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries4 records

Funding overview

Funding rounds3 records

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments9 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about InCred Capital