By launching “InCred Money,” InCred Capital plans to enter the retail wealth-tech industry. According to an announcement from the company, InCred Money has officially launched with the all-cash acquisition of Orowealth.
With a strong technology platform and a skilled team, the acquisition gives InCred Money assets under management (AuM) of more than ₹1,100 cr. According to the statement, the co-founder of Orowealth, Vijay Kuppa, will now serve as the CEO of InCred Money.
“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,” the company added.
InCred Money will have access to the whole range of product capabilities, according to the InCred Group. According to the company, InCred Money will also develop a B2B2C offering by utilizing technology to effectively incorporate a wide network of Independent Financial Advisors (IFA) across the country, enabling them to access class-leading products and solutions for the advantage of their end customers.
Orowealth is a retail-focused digital investment platform that offers access to specialized, low-cost investment opportunities in addition to more traditional investment avenues like mutual funds and fixed deposits.
Bhupinder Singh, Founder and Group CEO of InCred Group, said, “In the next decade, the democratization 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.”