InCred Finance acquires the gold loan business of TruCap.

InCred Finance has acquired the gold loan business of TruCap Finance through a slump sale, valued at approximately Rs 330 crore, subject to "certain adjustments." The deal, expected to be completed by April 30, includes the transfer of the ‘Dhanvarsha’ brand and its trademarks. This acquisition marks InCred’s entry into the gold loan market and strengthens its secured lending portfolio, especially as RBI tightens its scrutiny on unsecured lending. The acquisition adds 115 branches, a customer base of 40,000+, 550 employees, and an AUM of over Rs 650 crore, though it remains subject to regulatory approval.

Bhupinder Singh, founder and CEO of InCred, highlighted that the acquisition is a key part of the company's strategy to diversify and grow its retail loan offerings. With a loan book exceeding Rs 10,000 crore, InCred now offers personal, MSME, and education loans. In December 2023, the company reached a valuation of $1.04 billion after closing its Series D funding round, joining the unicorn club. The acquisition follows InCred’s 2022 merger with KKR India Financial Services, further expanding its market presence.

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