InCred’s Powerful S Cube Deal Fuels Global Growth

InCred Group has announced the acquisition of Singapore-based fund management firm S Cube Capital as it continues to grow its global wealth and asset management business. The deal is seen as an important step for InCred as the company prepares for its upcoming IPO and expands its presence in international markets. The acquisition will be completed after approvals from the Monetary Authority of Singapore (MAS). Once approved, S Cube Capital will become part of InCred Global Wealth Pte Ltd. Through this move, InCred wants to strengthen its fund management platform in Singapore and improve its investment reach across Singapore, the GCC region, and India.

This is the second major international acquisition by InCred in recent months. Earlier in February 2025, the company acquired Dubai-based Arrow Capital DIFC. These deals show InCred’s focus on building a strong global wealth management and investment business.

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S Cube Capital Acquisition Adds Strong Investment Expertise

S Cube Capital is well known for managing institutional investments, especially in fixed income and alternative investment products. The company recently gained attention after its Fixed Income Tactical Opportunities Fund II was ranked by Bloomberg as the best-performing USD fixed income fund in the Asia Pacific region.

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The fund delivered returns of 12.44% for the one-year period ending January 31, 2026. It also outperformed its nearest competitor by more than 200 basis points. The strong performance came mainly from investments in Indian credit markets.

As part of the deal, S Cube Capital co-founders Balaji Swaminathan and Hemant Mishr will join InCred Global Wealth as Joint Vice Chairmen of the global asset management business. Their experience is expected to help InCred strengthen its investment management operations and global investor network.

The S Cube team has more than 70 years of combined experience in investment banking and asset management. Industry experts believe the acquisition will help InCred attract more international investors interested in India-focused investment opportunities.

Bhupinder Singh founded InCred in 2016 after spending more than 16 years at Deutsche Bank in senior leadership roles across London and Singapore.

InCred Continues Rapid Growth Across Financial Services

Over the last few years, InCred has expanded quickly across lending, investment banking, wealth management, and digital finance businesses. The company currently operates through three main verticals — InCred Finance, InCred Capital, and InCred Money. InCred Finance is the company’s RBI-registered NBFC business focused on lending products. InCred Capital handles investment banking, private credit, institutional equities, and wealth management services.

The investment banking business has completed more than 215 deals with a transaction value of around $7 billion. Its debt broking division manages over $25 billion in trading volume and holds more than 50% market share in secondary trading of credit instruments. InCred has also grown through multiple acquisitions in recent years. The company acquired businesses like MAPE Advisory’s investment banking unit, fintech lender Qbera, wealth-tech platform Orowealth, and several asset management firms.

InCred Wealth has become one of the company’s fastest-growing businesses. Within six years of launch, it crossed ₹1 lakh crore in wealth assets under management (AUM). Led by CEO Nitin Rao, the division mainly focuses on alternative investments, private credit, and structured financial products. The wealth division currently has more than 700 relationship managers serving ultra-high-net-worth individuals, family offices, and affluent clients. InCred Global Wealth also manages over $3 billion in offshore assets through teams in Singapore, Dubai, and London.

Upcoming IPO Expected To Boost InCred’s Growth Plans

The S Cube acquisition comes at a time when InCred Holdings is preparing for its much-awaited IPO. The company recently filed its Updated Draft Red Herring Prospectus (UDRHP) with SEBI for an IPO estimated between ₹3,000 crore and ₹4,000 crore. The IPO could value the company at nearly ₹15,000 crore. Around ₹1,250 crore from the fresh issue will be used to strengthen the capital base of InCred Financial Services Ltd and support future lending growth.

Several existing investors, including KKR India Financial Investments and MEMG Family Office, are expected to sell shares through the offer-for-sale section. Zerodha founders Nikhil Kamath and Nithin Kamath had also invested ₹250 crore in InCred through a pre-IPO funding round in 2025. The company has also reported strong financial growth in recent years. Revenue increased from ₹880 crore in FY23 to ₹1,894 crore in FY25. During the same period, profit after tax rose from ₹109 crore to ₹373 crore.

InCred’s assets under management reached ₹14,448 crore by December 2025. The company also maintains strong asset quality with net NPAs below 1% and capital adequacy levels above RBI requirements. With its latest Singapore acquisition, expanding global operations, and upcoming IPO, InCred is aiming to become a major global financial services and wealth management company with strong India-focused investment capabilities.