Indian wealth and asset management firm InCred Capital has forayed into the retail wealth-tech sector with the purchase of digital investment company Orowealth.
Orowealth is currently said to have over INR11bn ($132m) worth of assets under management (AUM).
The wealth-tech startup provides retail investors with access to niche, low-ticket investment options that are traditionally available to high-net-worth individuals (HNIs) and ultra-high-net-worth individuals (UHNIs) as well as corporates.
It helps its clients to invest in various products including bonds, mutual funds, fractional real estate, green investing, P2Ploans, invoice discounting, among others.
As part of the new deal, InCred has also launched a new wealth-tech platform, called InCred Money, which will incorporate Orowealth.
Once the all-cash deal is completed, Orowealth co-founder Vijay Kuppa will join InCred Money as CEO.
The deal, whose value has not been divulged, awaits necessary approvals.
InCred Group founder and CEO Bhupinder Singh said: “In the next decade, the democratisation of investment opportunities covering the Mass Affluent and Retail segments will be driven by digital platforms that unlock access to non-traditional assets for investors as well as their advisors.
“This will help to create a new market worth tens of billions in AUM.
“With the launch of the InCred Money platform, we are committed to offering best-in-class products to these rapidly evolving customer segments in keeping with our vision to meet the financial needs of every Indian family.”
In July last year, InCred Capital’s parent company InCred Financial Services announced the conclusion of a merger of its business with KKR India Financial Services (KIFS) for establishing a non-banking finance company in India.