If you’re wondering that we’re talking about IPL sponsors and teams here – well, no.
Financial services company InCred and American private equity giant KKR have concluded the strategic merger of their lending businesses. This comes almost a year after the merger was first announced.
The combined business of KKR’s non-bank lending business, KKR India Financial Services (KIFS), and InCred’s retail and MSME lending business will operate under the InCred Finance brand name.
The new entity will take care of a $600 million (around Rs. 4,700 Cr) balance sheet and an equity base of $300 million.
The duo believes that the merger would create a “leading” NBFC. For the record, KKR India Financial Services is a subsidiary of Reliance Jio’s investor KKR.
KKR and InCred, a non-bank lender, was founded by Bhupinder Singh, former head of investment banking at Deutsche Bank, APAC.
A Tale Of Two Lenders
KKR India Financial Services is a subsidiary of global investment firm KKR, which is an investor in Reliance’s Jio Platforms, Reliance Retail, Max Healthcare, LivSpace, JB Chemicals & Pharmaceuticals, and more. The lending subsidiary is focused on wholesale or corporate loans.
InCred was founded in 2016 to operate across consumer, education, and small business lending. It holds a loan book of $500 million.
Too long? Here’s a one-liner: KKR completes merger of India NBFC with InCred; new entity to be named InCred Finance.