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InCred Finance is acquiring TruCap Finance’s gold loan division to expand its secured lending services. The deal, structured as a slump sale, includes the transfer of the ‘Dhanvarsha’ trademarks and logos.
TruCap announced in an exchange filing that the deal is valued at around Rs 330 Cr, with some adjustments, and will be completed by April 30, 2025.
The acquisition covers 115 branches across India, a customer base of over 40,000, a team of 550+ employees, and assets under management (AUM) of over Rs 650 Cr.
TruCap, an NBFC offering MSME loans and EV financing along with gold loans, aims to reduce debt and improve its net worth through this sale.
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“With the gold business being exited by the company, the company will be able to focus on scaling up its green energy finance and MSME business loans for income generation purposes with better operational and financial efficiencies thereby increasing the profits of the company, ensuring long-term sustainability,” the filing added.
“… As part of this transaction, we will double our branch network, further strengthening our retail footprint,” Bhupinder Singh, founder & group CEO of InCred, said in a statement.
After the acquisition, InCred Finance’s gold loan division will be led by Saurabh Jhalaria, a founding team member and the current head of MSME and Education Loans.
About InCred
Founded in 2016 by Bhupinder Singh, InCred operates in the BFSI sector through three divisions: InCred Finance for lending, InCred Capital for wealth and asset management, and InCred Money for retail bonds and alternative investments.
In FY24, TruCap’s gold loan business earned INR 66.4 Cr in revenue, while the company’s total revenue was INR 182 Cr.
InCred’s operating revenue grew to INR 1,270 Cr in FY24 from INR 864.6 Cr in FY23. Its net profit also rose to INR 316.3 Cr from INR 120.9 Cr in FY23.
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