KKR And InCred Enter Into A Strategic Transaction To Merge Their Lending Biz
- BySheetal Sidhu | August 17, 2021
KKR and InCred on Tuesday announced that they have entered into a strategic transaction to create a diversified Indian lending company by combining KKR India Financial Services Limited (“KIFS”) and InCred Financial Services (“InCred Finance”), the retail and micro, small and medium enterprise (“MSME”) lending business of InCred. This transaction will bring together two of India’s best known non-banking finance companies and combine their resources to better meet the needs of retail borrowers, small businesses, and entrepreneurs across India. Founded in 2016 by Bhupinder Singh, InCred Finance is a tech-enabled lending institution that spans online and offline models across consumer, small businesses, and education lending. KIFS, which was founded in 2009, provides Indian businesses with financing solutions. KIFS holds a ‘AA’ / Stable rating from CRISIL.
Bhupinder Singh, Founder and CEO of InCred, said, “We are thrilled to announce this transformative partnership with KKR. Their long-term vision and commitment to the India story fits perfectly with InCred’s objective of creating a leading financial institution that will play a meaningful role in India’s credit ecosystem. Gaurav Trehan, Partner and CEO of KKR India, added, “This is a great milestone for KKR’s India business considering the market-leading retail lending company Bhupinder and his team have created in just a few short years. Bringing together InCred Finance and KIFS will create a larger enterprise with the enhanced resources and investment acumen. KIFS has been a long-time market leader and we are excited to address India’s lending opportunity with an even greater array of flexible solutions for borrowers.”
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