InCred Alternatives Hits Final Close Of Maiden PE Fund

SUMMARY

IGPF-I is focused on key investment themes, including consumption, enterprise, technology and financial services.

The fund has already deployed capital in companies such as Manjushree Technopack, Shadowfax, Niva Bupa and Purplle

The fund is also in advanced discussions with two more companies and has recently issued term sheets

InCred Alternatives, the alternative investment arm of InCred Capital Financial Services Limited, has announced the final close of its maiden private equity fund, InCred Growth Partners Fund-I (IGPF-I), with commitments exceeding INR 575 Cr.

The fund exceeded its original target size of INR 500 Cr after exercising the greenshoe option, backed by participation from large family offices, ultra-high-net-worth individuals (UHNIs) and high-net-worth individuals (HNIs).

IGPF-I is focused on key investment themes, including consumption, enterprise, technology and financial services.

The fund has already deployed capital in companies such as Manjushree Technopack, Shadowfax, Niva Bupa and Purplle. Notably, Niva Bupa has been listed since November 2024.

The fund is also in advanced discussions with two more companies and has recently issued term sheets, as per the company.

InCred Alternatives’ managing partner and CIO-private equity, Vivek Singla, said, “There has been a broad-based reset in pricing expectations and a shift in the founders’ mindset from ‘growth at any cost’ to ‘profit after all costs’. This creates exciting entry points for new funds like IGPF-I.”

Founded in 2016 by Singh, InCred operates in the BFSI sector through three separate entities – lending vertical InCred Finance, wealth and asset management vertical InCred Capital, and retail bonds and alternative investments platform InCred Money.

On the financial front, InCred Financial Services posted almost a 162% jump in its consolidated net profit to INR 316.3 Cr in FY24 from INR 120.9 Cr reported a year ago. Its operating revenue surged 47% YoY to INR 1,270 Cr in FY24,.

With the waning funding winter, several new funds have been launched in the Indian startup ecosystem.

For instance, Bessemer Venture Partners closed its second India-focused fund with a corpus of $350 Mn to support early-stage startups.

Among other announcements, Prime Venture Partners announced the launch of its fifth fund, with a corpus of $100 Mn, earlier this month to back early stage Indian startups.

Before that, it was reported that Together Fund is looking to mark the final close of its $150 Mn Fund II by June this year to back a new batch of 19-20 AI startups.