InCred Finance acquires TruCap's gold loan business

InCred Finance acquires TruCap's gold loan business

27 Feb 2025, 12:52 AM

This acquisition will provide InCred Finance with a head-start in the gold loans business, accelerating its go-to-market timeline by 24-36 months.

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InCred Finance, the lending arm of InCred Group, is foraying into gold loans segment by acquiring the gold loan business of non-banking financial company (NBFC) TruCap Finance Limited.

The proposed acquisition, via slump sale, includes TruCap's nationwide network of 115 branches, a customer base exceeding 40,000, a team of over 550 employees and an AUM of over Rs 650 crore.

The acquisition is subject to the execution of long form documents, obtaining necessary approvals and the fulfilment of all conditions precedent to closing, the company said.

This strategic acquisition will provide InCred Finance with a head-start in the gold loans business, accelerating its go-to-market timeline by 24-36 months.

InCred Finance will get complete access to the experienced team of TruCap along with the operational framework. With this acquisition, InCred Finance will add another "secured loan book to its diversified lending portfolio spread across personal loans, MSME loans and education loans."

Bhupinder Singh, founder and group CEO, InCred, said, “As part of this transaction, we will double our branch network, further strengthening our retail footprint. Gold holds deep cultural and financial significance in India, serving as a trusted and accessible source of credit. Its secured nature makes it a valuable addition to our expansion strategy."

The gold loans business at InCred Finance will be led by Saurabh Jhalaria, a founding team member of InCred Finance, who also heads the MSME and education loan verticals.

Last week, InCred Group acquired Dubai-based financial and investment advisory firm Arrow Capital (DIFC) Limited with an aim to expand its operations in the Middle East and Africa regions. In addition, it also looks to bolster its capabilities across wealth management, investment banking and asset management.

InCred Finance is planning to raise Rs 4,000-5,000 crore via its initial public offering (IPO).

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