InCred Capital, backed by KKR, ADIA, picks senior i-bankers to lead ECM foray

Representational Image

InCred Capital, the institutional, wealth management, and asset management platform of financial services firm InCred Group has decided to enter the Equity Capital Markets (ECM) business with the twin appointments of Prateek Indwar as MD and Head of Capital Markets and Hitesh Mandot as MD, Corporate Finance.

The InCred Group is led by its founder Bhupinder Singh and is backed by prominent investors such as KKR, TRS, ADIA, Investcorp, OAKS, Moore Capital, Elevar Equity, Paragon Partners, Ranjan Pai, Gaurav Dalmia among others

"We are excited about the opportunity in the Equity Capital Markets space in India and with Prateek and Hitesh on board, we are confident of establishing a strong presence," said Venky Vishwanathan, CEO, Investment Banking and Capital Markets at InCred. "We remain bullish on the market landscape and are committed to driving value for our clients by bridging the gap between providers and issuers of capital through innovative ECM solutions."

The company aims to become a partner to clients looking to raise capital and grow their businesses through its innovative solutions, deep expertise and highly experienced management team, according to an official statement.

In July 2022, InCred and KKR  announced the conclusion of the strategic merger of InCred Financial Services Limited (InCred Finance) and KKR India Financial Services Limited (KIFS).

The combined business would operate under the InCred Finance brand name, with a $600 million balance sheet and a $300 million equity base.

A CLOSER LOOK AT THE TWO DEALMAKERS

Prateek Indwar joins InCred Capital with  30 years of experience in global and Indian financial markets. Indwar has built and led businesses across Equity Capital Markets, Debt Capital Markets and Corporate Banking at firms suchs as SBI Capital, IDFC, ICICI Group and Bank of America.

Hitesh Mandot brings over 23 years of experience handling numerous capital market and advisory transactions and has worked earlier at ICICI Securities, Edelweiss Financial Services and Axis Capital.

According to data by Refinitiv, the first quarter of 2023 witnessed a dip of 86.7 per cent in the quantum of funds raised via IPO's in India with only $142.8 million raised compared to the previous year. However, the number of IPOs during the same period increased by 35.7 percent on a y-o-y basis.

Also Read: What InCred Money’s acquisition of Orowealth tells us about the wealth-tech Industry