MUMBAI: Mumbai: Financial service firm InCred Capital is set to enter the retail wealth-tech industry with the launch of ‘InCred Money’ and the acquisition of Orowealth, a retail-focused digital investment platform, in an all-cash deal.
"The acquisition brings AuM (Asset under Management) of Rs 1,100+ crore along with a robust technology platform and an experienced team to InCred Money,” said the company in a statement, on Monday.
Orowealth helps retail investors diversify their portfolios by providing access to niche, low-ticket investment opportunities. This is in addition to traditional investment avenues including mutual funds and fixed deposits, which are a part of Orowealth’s offerings.
This will be InCred Capital’s second pillar in the fast-growing Indian wealth market, following its previous success in the Ultra / High Net worth segment under the InCred wealth brand.
InCred wealth has seen tremendous growth since its launch, becoming one of the fastest-growing wealth management firms in the country and achieving a milestone of Rs 15,000 crore in AuM within two years, driven by a team of over 100 private bankers.
Bhupinder Singh, Founder and Group CEO of InCred Group, said “In the next decade, the democratisation of investment opportunities covering the Mass Affluent and Retail segments will be driven by digital platforms that unlock access to non-traditional assets for investors as well as their advisors."
"This will help to create a new market worth tens of billions in AUM. With the launch of the InCred Money platform, we are committed to offering best-in-class products to these rapidly evolving customer segments in keeping with our vision to meet the financial needs of every Indian family," he added.