In a strategic move, InCred Capital, the wealth and asset management arm of InCred Financial Services Ltd, has named Vikram Agarwal as its Chief Operating Officer (COO). This appointment underscores the company’s commitment to enhancing its operational capabilities and scaling its business operations.
Agarwal brings to the table over 25 years of extensive experience across various sectors including wealth management, broking, asset management, consulting, and technology. His most recent role was at Julius Baer India, where he served as the COO, Chief Revenue Officer, and a board member. Notably, Agarwal played a pivotal role in the acquisition of Julius Baer India’s wealth management business from Bank of America Merrill Lynch in India.
Prior to his tenure at Julius Baer, Agarwal held leadership positions at renowned organizations such as Bank of America Merrill Lynch and Accenture, as well as other prominent technology consulting firms. His diverse expertise in technology, operations, client servicing, compliance, and risk management makes him well-suited to lead critical functions at InCred Capital.
Bhupinder Singh, Founder and Group CEO of InCred, expressed confidence in Agarwal’s appointment, emphasizing his strategic vision and operational acumen. Singh believes that Agarwal’s leadership will play a pivotal role in driving growth and scalability across the organization.
This announcement comes at a significant juncture for InCred Capital, as its alternative asset management arm is on the verge of concluding the first round of its inaugural private equity fund, with a substantial investment exceeding INR 330 Cr. The company launched this maiden Category II alternative investment fund (AIF) in the private equity domain earlier this year, with a target corpus of INR 500 Cr.
InCred Capital’s recent acquisition of wealthtech startup Orowealth underscores its commitment to innovation and expansion within the fintech space. Founded in 2016 by Bhupinder Singh, InCred Group encompasses three primary businesses: InCred Finance (NBFC), InCred Capital (Wholesale Banking), and InCred Money (Online Distribution Platform).
The Mumbai-based company has garnered significant attention in the investment landscape, having raised over $339.9 Mn in funding to date. Notably, InCred’s parent entity achieved unicorn status following a successful Series D funding round led by Manipal Education and Medical Group’s Ranjan Pai, wherein it secured $60 Mn in funding. The parent entity also reported a remarkable surge in net profit to INR 120.9 Cr in FY24, marking a fourfold increase from the previous fiscal year, with operating revenue reaching INR 864 Cr, up 77% from FY22.