InCred Finance, the digital lending arm of the InCred Group, has announced its plan to enter the gold loan market with the acquisition of TruCap Finance’s gold loan business. The deal, which will be executed via a slump sale, includes the transfer of TruCap’s gold loan assets as well as its associated trademarks, including the “Dhanvarsha” brand and logo(s). TruCap Finance is a listed, non-deposit-taking non-banking financial company (NBFC) registered with the Reserve Bank of India (RBI).
This acquisition will significantly bolster InCred Finance’s portfolio, adding a nationwide network of 115 branches, a customer base of over 40,000, and a team of more than 550 employees. It will also bring with it an assets under management (AUM) of over INR 650 crore.
The transaction is subject to the completion of necessary legal formalities, including the execution of long-form agreements, obtaining regulatory approvals, and meeting other closing conditions.
InCred Finance will gain full access to TruCap’s established operational framework and experienced team, which is expected to enhance its ability to scale the business. This acquisition aligns with InCred’s strategy to diversify its lending operations, which already include personal loans, MSME loans, and education loans.
Bhupinder Singh, Founder and Group CEO of InCred, commented, “This acquisition is a significant step forward in our strategy to build a well-diversified, risk-focused retail loan book. By integrating TruCap’s gold loan business, we will effectively double our branch network, expanding our retail presence. Gold has long held cultural and financial importance in India, serving as a trusted and accessible source of credit. Its secured nature makes it a valuable addition to our growth strategy. We are excited to welcome the gold loans team from TruCap into the InCred family.”
The newly acquired gold loan business will be led by Saurabh Jhalaria, a founding team member of InCred Finance, who also oversees the MSME and education loans verticals.
Jhalaria added, “Gold loans have long been a reliable financial solution for millions of Indians, offering quick and convenient access to credit for short-term needs. By combining TruCap’s expertise with InCred’s strengths in risk management and technology, we aim to make the gold loan process seamless, efficient, and hassle-free for our customers.”
The acquisition represents a strategic move by InCred to strengthen its foothold in the rapidly growing secured lending market.
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