Former Deutsche Bank co-CEO Anshu Jain, others back InCred Finance
Advertisement

Former Deutsche Bank co-CEO Anshu Jain, others back InCred Finance

By Bruhadeeswaran R

  • 22 Aug 2016
Former Deutsche Bank co-CEO Anshu Jain, others back InCred Finance
Other | Credit: Reuters

InCred Finance, a Mumbai-based non-banking financial company, has received about Rs 500 crore of funding from several affluent individuals including former Deutsche Bank co-CEO Anshu Jain and private equity firms.

Jain will join the company, started by former Deutsche Bank senior executive Bhupinder Singh, as the chairperson of the advisory board, according to a report in Business Standard, citing Singh.

Jain joins former Citigroup CEO Vikram Pandit in betting on a financial services company in India after leaving a large global bank. Pandit and a co-investor had in 2014 picked up an effective 50% stake in the real estate lending arm of JM Financial Ltd for Rs 525 crore.

Advertisement

Singh and Manipal Group’s managing director and CEO Ranjan Pai have infused Rs 150 crore each into InCred to start operations soon with a capital base of Rs 500-600 crore. Gaurav Dalmia, founder and chairman of Landmark Holdings, IDFC PE and Alpha Capital have put in Rs 50 crore each, the report said.

The company plans to be a technology-led financial services company focusing on SME loans, consumer, personal loans, home loans and education loans, according to its LinkedIn page. It would leverage technology and the Internet to make credit decisions, loan disbursal and collections quicker and more efficient.

The company has also acquired peer-to-peer lending platform Instapaisa, founded by Nikhil Sama, who has joined InCred as its CEO of the consumer business and managing director.

Advertisement

InCred will start business with SME financing and three retail-focused ventures - unsecured consumer finance, mortgages and education loans.  

With two decades of experience in financial services, Singh was the co-head of investment banking and securities for Asia Pacific at Deutsche Bank from 2012 to 2015. He was also the member of the investment bank's global executive committee.

The company has hired Prashant Bhonsle, former chief of education-loan provider Credila, to head the education vertical. It has also brought Nitin Agarwal, one of the founders of e-commerce platform Yebhi.com as chief operating officer and chief architect for technology. Prior to this, Agarwal was a director with boutique investment banking firm Equirus Capital.

Advertisement

Like this report? Sign up for our daily newsletter to get our top reports.

Share article on

Advertisement
Advertisement
Google News Icon

Google News

Follow VCCircle on Google News for the latest updates on Business and Startup News