InCred Alternative Investments, a part of the InCred Group, on Tuesday said it has hit the final close of its maiden private equity fund at Rs 575 crore ($67 million), above its initial target of Rs 500 crore.
Launched in late 2023, the fund has secured commitments from large family offices and high-net-worth individual investors. It hit its first close at Rs 330 crore in May 2024.
Focused on the themes of consumption, enterprise, technology and financial services, the fund has invested in companies including Manjushree Technopack, Shadowfax, Niva Bupa and Purplle. Of these, Niva Bupa has already been listed since November 2024.
In addition, the fund claims to be in advanced stages of discussions and has recently offered term sheets to two more companies.
The announcement for the fund’s final close comes on the heels of InCred’s maiden special situations credit fund fundraising of over Rs 600 crore.
Founded by Bhupinder Singh in 2016, and backed by investors such as KKR and ADIA, InCred operates three distinct businesses: the unicorn InCred Finance, which is an NBFC; InCred Capital, an institutional, wealth management, and asset management platform; and InCred Money, the retail wealth-tech investment distribution vertical.
The private equity fund is led by Vivek Singla, Managing Partner & CIO – Private Equity at InCred Alternatives, who believes that private equity investing in India is at a very attractive juncture.
“There has been a broad-based reset in the pricing expectations and a concomitant shift in the founders’ mindset from ‘growth at any cost’ to ‘profit after all costs.’ This offers very exciting entry points for fresh investing by new funds like IGPF-I”, he said in a statement.
In other recent fundraising milestones by PE firms, homegrown giant ChrysCapital reportedly raised 2.1 billion for its latest fund. Meanwhile, IFC has committed to invest up to $65 million in the latest PE vehicle of India’s A91 Partners, led by former Sequoia Capital executives.
Separately, KKR-backed, Mumbai-based financial services group Avendus Capital, which recently secured the first close of its third private equity (PE) fund at $98 million (Rs 850 crore), is all set to clock its maiden deal from the investment vehicle, said a top executive.
