InCred Wealth crosses Rs 1 lakh Cr in AUM within 6 years of launch

Private wealth management in India is expanding. A recent Deloitte report estimates the segment will grow to $2.3 trillion by FY29 from $1.1 trillion in FY24. This has led to the entry of many new platforms and frequent funding activity over the past decade.

In this context, InCred Wealth has grown to over $10 billion, or more than Rs 1 lakh crore, in assets under management. The Mumbai-based firm reached this scale in six years, which market participants attribute to consistent execution and a strong team across leadership and client-facing roles.

In wealth management, scale often follows talent. InCred links its hiring strength to founder Bhupinder Singh’s track record. Singh spent over two decades at Deutsche Bank before founding InCred in 2016. The unicorn status of InCred Finance in 2023 has further added to the group’s credibility with senior professionals and clients.

As per the firm, InCred Wealth now has over 700 relationship managers serving family offices, ultra-high-net-worth individuals, and emerging affluent customers. “Beyond conventional advisory, we have expanded access to global and private-market opportunities for our clients, including curated exposure to late-stage private companies, overseas themes, and alternative strategies,” said CEO Nitin Rao in an interaction with Entrackr.

Rao has been with InCred Wealth since its inception in 2020. He earlier built HDFC Bank’s private banking franchise and later led Reliance Wealth Management. Highlighting InCred Wealth’s approach, Rao said the firm was built “from the ground up” with the aim of bringing global-quality ideas into Indian wealth management.

The strong network of relationship managers across distinct verticals and a median banker experience close to two decades helps InCred Wealth stay close to client needs. Its offering follows an open-architecture model with a tilt towards alternatives such as private equity, credit, and market-linked debentures. This is supported by a structured products desk and group synergies across broking, institutional research, investment banking, and capital markets.

Alongside its domestic business, InCred Wealth has also built an offshore platform, InCred Global Wealth. “We manage more than $3 billion in assets through teams based in Singapore, Dubai, and London,” Rao said.