The company won’t confirm the amount but the deal, which was pegged at $10-15 million, is believed to have happened much cheaper.
InCred Management and Technology Services, a wholly-owned subsidiary of InCred Financial Services, has acquired Bengaluru-based digital lending platform Qbera. The company did not disclose the amount at which the deal was struck.
Moneycontrol was the first to write, on February 3 this year, about InCred's plan to acquire a majority stake in Qbera.
“The Qbera acquisition importantly marks the launch of InCred’s platform business -- a first of its kind for an NBFC (non-banking financial company) of our size in India,” InCred CEO Bhupinder Singh said.
Qbera was built as a platform for sourcing personal loans for middle- income individuals not served by large banks or NBFCs. The loans were offered in partnership with IndusInd Bank, RBL Bank and Fullerton.
InCred, which is a large lending player, will look to strengthen its digital distribution business through the acquisition. InCred’s legacy personal- loans business will also help strengthen its play, the company said in a press note.
“We have built best-in-class risk management, technology and analytics capabilities across different asset classes like education, MSME and consumer loans, we look to leverage them in strong partnerships with leading financial institutions in India and abroad,” Singh said.
Qbera chief executive Aditya Kumar has joined InCred to head its platform business as well as InCred’s personal-loans business.Initially, sources had pegged the deal at $10 to 15 million but they now say the final agreement was struck at a much lower valuation. The company, however, did not share those details.