InCred Expands into Gold Loans with TruCap Finance Acquisition

InCred Finance, the new-age diversified lending arm of InCred Group, has announced its foray into gold loans through the proposed acquisition, via slump sale, of the gold loans business of TruCap Finance Limited (“TruCap”), a listed, non-deposit-taking NBFC registered with the RBI (including the trademarks in relation to the term “Dhanvarsha” and its logo(s).

This proposed acquisition will bring with it a nationwide network of 115 branches, a customer base exceeding 40,000, a team of 550+ employees and an AUM of over INR 650+ crore. The proposed acquisition is subject to the execution of long form documents, obtaining necessary approvals and the fulfilment of all conditions precedent to closing.

This strategic acquisition will provide InCred Finance with a head-start in the gold loans business, accelerating its go-to-market timeline by 24-36 months. InCred Finance will get complete access to the experienced team of TruCap along with the well-established operational framework. With this acquisition, InCred Finance will add another rapidly growing, scalable secured loan book to its diversified lending portfolio spread across Personal Loans, MSME Loans and Education Loans.

Bhupinder Singh, Founder & Group CEO, InCred, commented: “This acquisition will mark a significant step in our strategy to build a well-diversified, risk focused, retail loan book. As part of this transaction, we will double our branch network, further strengthening our retail footprint. Gold holds deep cultural and financial significance in India, serving as a trusted and accessible source of credit. Its secured nature makes it a valuable addition to our expansion strategy. I’m delighted to welcome the gold loans team from TruCap to InCred!”

The Gold Loans business at InCred Finance will be led by Saurabh Jhalaria, a founding team member of InCred Finance, who also heads the MSME & Education Loans verticals.

Saurabh Jhalaria commented: “Gold Loans have long been a reliable financial solution for millions of Indians, providing quick and convenient access to credit for short term needs. By integrating TruCap’s expertise with InCred Finance’s strengths in risk management and technology, we are committed to making gold loans seamless, efficient, and hassle-free for our customers.”