InCred and KKR on July 27 announced the conclusion of the strategic merger of InCred Financial Services Limited (InCred Finance) and KKR India Financial Services Limited (KIFS).
The combined business will operate under the InCred Finance brand name, with a $600 million balance sheet and a $300 million equity base. It will be managed by Bhupinder Singh, who founded the InCred Group in 2016.
Notably, InCred Finance is a strategic investment for KKR and is not a portfolio company in a KKR fund.
The closure of the transaction has helped create a “leading Indian non-banking finance company with the enhanced resources to better meet the needs of retail borrowers and micro, small and medium enterprises (MSMEs)”, the companies said in a release.