Mumbai-based fintech InCred Capital has acquired Orowealth, a wealthtech start-up, in an all-cash deal, pending necessary clearances. Following the acquisition, InCred Capital launched the retail-focused wealthtech platform InCred Money.
"The acquisition brings AuM (Assets under Management) of INR 1,100+ crores along with the Orowealth's entire team to InCred Money. Vijay Kuppa, the co-founder of Orowealth, will be leading InCred Money as its CEO going forward," the company said.
“This will be InCred Capital’s second pillar in the fast-growing Indian wealth market after becoming one of the fastest growing wealth management firms in the country and achieving a milestone of INR 15,000 croces in Assets under Management (AuM) within two years," it added.
The new InCred Money platform will offer both business to consumer (B2C) and business to business to consumer (B2B2C) services to its customers.
The InCred Group aims to provide InCred Money with access to its full suite of product capabilities. The new platform will develop a B2B2C offering by leveraging technology to effectively integrate a wide network of Independent Financial Advisors (IFA) across the country, giving them the ability to tap into various products and solutions for the benefit of their end customers, InCred Capital revealed.
Orowealth is an online investment platform that helps investors diversify their investment portfolios. It offers various alternate investment products such as bonds, fractional real estate, green investing, P2P loans, and invoice discounting, among others. It also provides detailed reports, portfolio insights, and other personalised offerings to investors.
“There is a growing demand for non-traditional investment assets from mass affluent and retail investors due to rising income levels and greater awareness. We are addressing this massive demand by putting together a suite of carefully curated products and solutions,” said Vijay Kuppa in a media statement.