InCred Alternative Investments, a part of the InCred Group, has hit the first close of its $60-million maiden private equity fund at Rs 330 crore ($39.5 million), just a few months after being launched, the firm said on Tuesday.
Launched late last year, the InCred Growth Partners Fund-I (IGPF-I) targets a final close of Rs 500 crore.
It aims to invest in privately owned companies across the consumer, financial services, and enterprise/technology sectors with an
average ticket size of Rs 40-80 crore.
DealStreetAsia had reported in November last year that InCred Alternative Investments has secured approval from India’s capital markets watchdog SEBI to launch its debut private equity fund. Sources had mentioned at the time that the fund would target a corpus of Rs 500 crore.
Founded by Bhupinder Singh in 2016 and backed by investors such as KKR, TRS, ADIA, Investcorp, OAKS, Moore Capital, Ranjan Pai, and Gaurav Dalmia, the InCred group has two distinct businesses—InCred Finance, which is an NBFC; and InCred Capital, which is an institutional, wealth management, and asset management platform.
Late last year, InCred Finance raised as much as Rs 500 crore in its Series D round, joining the coveted ‘unicorn’ club in India
This is the Mumbai-headquartered firm’s third alternative strategy after its Structured Credit Fund and Liquid Quant Fund strategies in the last two years.
Despite the so-called funding winter, global funds including Peak XV, Accel, LightSpeed, and Matrix Partners have either raised new funds or are in talks to raise capital to tap tech investment opportunities in India.
“It (fund closure) is also resonant of the confidence returning to the private equity space, with private market valuations being at realistic levels and a stark shift in founders’ mindset from ‘growth at any cost’ to ‘profit after all costs”, Vivek Singla, Managing Partner & CIO, said in a statement.
