InCred Wealth has achieved a remarkable milestone, surpassing Rs 1 lakh crore in assets under management (AUM) within just six years of its establishment. This Mumbai-based firm has successfully crossed the $10 billion mark, showcasing impressive growth in an increasingly competitive landscape.
But here's where it gets intriguing... The private wealth management sector in India is on a rapid upward trajectory. According to a recent Deloitte report, this segment is projected to grow from $1.1 trillion in FY24 to a staggering $2.3 trillion by FY29. This burgeoning market has not only attracted various new platforms but has also seen significant funding activities over the past decade.
Amidst this expansion, InCred Wealth's journey to over $10 billion in AUM stands out. Industry experts attribute this swift ascent to the firm's unwavering execution and a robust team that excels both in leadership and client relations.
In the realm of wealth management, having a talented workforce is often directly linked to achieving scale. InCred's hiring prowess can largely be traced back to its founder, Bhupinder Singh, who boasts over two decades of experience at Deutsche Bank prior to launching InCred in 2016. The acquisition of unicorn status by InCred Finance in 2023 has further bolstered the group's reputation, attracting senior professionals and clients alike.
Presently, InCred Wealth employs more than 700 relationship managers who cater to family offices, ultra-high-net-worth individuals, and emerging affluent clients. CEO Nitin Rao emphasized that beyond traditional advisory services, the firm has broadened access for its clients to global and private market opportunities. This includes specially curated exposure to late-stage private companies, international themes, and alternative investment strategies, as he shared during a conversation with Entrackr.
Rao, who has been with InCred Wealth since its inception in 2020, previously developed HDFC Bank's private banking division and later led Reliance Wealth Management. He articulated that InCred Wealth was constructed "from the ground up" with the goal of introducing global-quality concepts into Indian wealth management.
The extensive network of relationship managers across various sectors, combined with a median banker experience nearing two decades, enables InCred Wealth to remain closely aligned with client expectations. The firm operates under an open-architecture model with a focus on alternative investments, including private equity, credit, and market-linked debentures. This is complemented by a dedicated structured products desk and synergies with other areas such as broking, institutional research, investment banking, and capital markets.
In addition to its domestic operations, InCred Wealth has established an offshore platform known as InCred Global Wealth. “We currently manage over $3 billion in assets through teams located in Singapore, Dubai, and London,” Rao explained.
