InCred Finance, founded by former investment banker Bhupinder Singh, is stepping into institutional lending after raising Rs 500 crore in equity from global investors such as the German government-owned DEG, Paragon Partners, and Ascent Capital. “The new business will focus on corporates and institutions in areas such as asset management, structured finance, and capital markets,” said one of the two persons aware of the revenue-stream expansion at the non-banking finance company. Emails sent to all three investors seeking comments remained unanswered until the publication of this report. InCred, backed by former Deutsche Bank co-CEO Anshu Jain, also declined to comment on the matter.
InCred focuses on four lending verticals: affordable housing, small and medium enterprises, education, and consumer finance. Former Deutsche Bank senior executive Bhupinder Singh founded InCred in 2016. Its backers include Manipal Group’s managing director and CEO Ranjan R Pai, and Gaurav Dalmia, founder and chairman of Landmark Holdings (Dalmia Group). Funding costs have increased for para banks after a series of defaults by infrastructure conglomerate IL&FS.