ⓘ Featured image: Bhupinder Singh, CEO, InCred; Credits: IndiaTimes.com
Mumbai-based InCred, an NBFC that provides loans digitally such as home loans, business loans and personal loans has acquired Qbera, another digital lending platform for an undisclosed amount.
InCred was founded in 2016 by Bhupinder Singh, former Head of Investment Banking, Asia-Pacific at Deutsche Bank. The company revealed its interest of acquiring Qbera back in February.
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Headquartered in Bengaluru, Qbera was founded in 2015 by Aditya Kumar and Anubhav Jain to address the needs of middle-level income groups in India which are not served by large banks and NBFCs. The company offered loans in partnership with IndusIn Bank, RBL Bank and Fullerton.
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Commenting on the acquisition deal, Bhupinder Singh in a statement said,
“The Qbera acquisition importantly marks the launch of InCred’s platform business – a first of its kind for an NBFC (non-banking financial company) of our size in India,”
With the acquisition of Qbera, InCred is aiming to strengthen its digital distribution business.
Talking about the development and vision, Singh added,
“We have built best-in-class risk management, technology and analytics capabilities across different asset classes like education, MSME and consumer loans, we look to leverage them in strong partnerships with leading financial institutions in India and abroad,”
Qbera will now act as a fully-owned subsidiary of InCred and Aditya Kumar, the CEO of Qbera has joined InCred to head Qbera and InCred’s personal-loans business.
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