InCred Capital Acquires Singapore-Based S Cube Capital as IPO Plans Advance

InCred Capital has acquired Singapore-based fund management firm S Cube Capital as the group accelerates its global wealth and asset management expansion ahead of its** planned IPO**. The transaction strengthens InCred’s offshore investment platform and deepens its presence across the Singapore-GCC-India investment corridor.

The acquisition comes months after InCred’s Dubai expansion through Arrow Capital and signals the group’s larger ambition to build a cross-border financial services network targeting ultra-high-net-worth individuals, family offices, and institutional investors.

InCred Capital Expands Offshore Wealth Platform with S Cube Capital Deal

InCred Capital announced the acquisition of S Cube Capital, a Singapore-based regulated fund management firm, as it continues expanding its international wealth and asset management operations.

The transaction, which remains subject to regulatory approvals, will integrate S Cube Capital into InCred Global Wealth Pte Ltd, the company’s Singapore-based entity. The acquisition adds regulated investment vehicles, fund infrastructure, and alternative investment capabilities to InCred’s growing offshore platform.

Although financial details of the transaction were not disclosed, the move marks another strategic step in InCred Group’s broader expansion strategy across global financial hubs. The company has been steadily strengthening its international footprint as it prepares for a public market listing in India.

The latest acquisition follows InCred Group’s purchase of Dubai-based Arrow Capital in February 2025, highlighting a clear focus on building a financial services ecosystem connecting India, Singapore, and Gulf markets. This corridor has become increasingly important for cross-border wealth flows, family office investments, and institutional capital allocation.

Strategic Push Ahead of IPO Plans

The acquisition comes at a crucial time for InCred Holdings as it advances preparations for its proposed initial public offering.

The group had confidentially filed draft** IPO papers** with the Securities and Exchange Board of India (SEBI) in November and recently submitted an updated draft red herring prospectus. The proposed offering includes a fresh issue worth ₹1,250 crore along with an offer for sale of up to 9.9 crore shares by existing investors.

For investors, the timing of the acquisition is significant. Financial services firms preparing for public listings often look to strengthen business diversification, increase global reach, and improve long-term revenue visibility before entering equity markets.

By expanding its offshore wealth and fund management capabilities, InCred appears to be positioning itself as more than just a domestic NBFC or lending-focused platform. Instead, the group is gradually building a broader financial services franchise spanning wealth management, asset management, capital markets, and cross-border advisory services.

This diversification could improve valuation perception during the IPO process, especially at a time when investors are placing greater importance on fee-based and annuity-style financial businesses.

Singapore Continues Emerging as a Key Wealth Management Hub

The acquisition also underlines Singapore’s growing role in Asian wealth management and alternative investments.

S Cube Capital is regulated by the Monetary Authority of Singapore and was founded by senior investment banking professionals with over 70 years of combined industry experience.

Singapore has increasingly become a preferred base for:

family offices global fund managers cross-border investment structures private wealth advisory firms alternative investment platforms

The city-state’s stable regulatory environment, tax efficiency, and strong financial ecosystem continue attracting high-net-worth investors from India, Southeast Asia, and the Middle East.

For InCred, deeper presence in Singapore potentially strengthens access to international capital pools while improving its ability to serve globally diversified clients.

Leadership Integration Strengthens Asset Management Business

As part of the transaction, S Cube Capital executives Balaji Swaminathan and Hemant Mishr will join InCred Global Wealth as joint vice chairmen of the global asset management business.

Management indicated that the acquisition strengthens the company’s fixed-income and alternatives expertise while adding experienced investment leadership to its platform.

Srikantan Selvamani, CEO of InCred Global Wealth, stated that S Cube Capital’s regulated fund infrastructure and investment capabilities align naturally with InCred’s broader strategy.

The addition of experienced leadership becomes particularly important as wealth management firms increasingly compete on advisory quality, investment sophistication, and customised global solutions for wealthy clients.

Cross-Border Wealth Business Becoming a Major Growth Theme

The deal also reflects a larger structural shift taking place across India’s financial sector.

As India’s wealthy population expands rapidly, demand for global investment access, offshore diversification, legacy planning, and alternative assets has increased sharply. Family offices and ultra-high-net-worth individuals are increasingly seeking exposure across multiple geographies and asset classes.

This trend is creating strong opportunities for firms capable of offering integrated wealth management and international investment solutions.

InCred Global Wealth currently provides services including investments, credit solutions, and succession planning for institutional clients and wealthy individuals.

The company’s ability to connect investment opportunities across India, Singapore, Dubai, and London could become an important differentiator over the long term.

InCred Group’s Expanding Financial Ecosystem

Founded in 2016, InCred Holdings operates through three main verticals:

Business Segment	Focus Area
InCred Capital	Wealth and asset management
InCred Financial Services	NBFC and lending operations
InCred Money	Retail investment platform

The group stated that it currently manages more than ₹1 lakh crore in wealth assets under management, equivalent to roughly $10.5 billion.

Over the years, InCred has raised more than $450 million from investors including Varanium Capital Advisors, Sattva Group, and Paragon Partners.

The continued expansion across lending, advisory, and wealth management suggests that the group is attempting to position itself among India’s emerging full-stack financial platforms.

Investor Perspective

For investors tracking India’s financial services sector, the acquisition highlights the growing importance of global wealth management and alternative investments as long-term growth areas.

Unlike traditional lending businesses that remain heavily exposed to credit cycles and interest-rate movements, wealth and asset management platforms generally benefit from:

• higher fee-based income
• stronger operating leverage
• recurring revenue streams
• lower balance-sheet risk
• better scalability

As Indian financial firms increasingly compete for affluent clients, international presence and offshore capabilities may become key differentiators.

The acquisition could therefore strengthen InCred’s positioning ahead of its IPO while improving long-term business diversification.

Final Take

InCred Capital is steadily building a broader international wealth and asset management platform as it moves closer to its planned public listing. The acquisition of S Cube Capital strengthens its offshore investment infrastructure, expands regulated fund capabilities, and deepens its access to cross-border capital flows.

More importantly, the transaction reflects a larger transformation underway within India’s financial sector, where firms are increasingly moving beyond domestic lending toward global wealth advisory, alternative investments, and institutional asset management.

If InCred successfully integrates its international operations while scaling its wealth platform, the group could strengthen its standing among India’s next generation of diversified financial services companies.

What did InCred Capital acquire?

InCred Capital acquired Singapore-based fund management firm S Cube Capital.

Why is the acquisition important?

The deal strengthens InCred’s offshore wealth and asset management capabilities ahead of its planned IPO.

Is the transaction completed?

The acquisition is subject to regulatory approvals.

What does S Cube Capital do?

S Cube Capital is a Singapore-regulated fund management company focused on investment and fund solutions.

Who regulates S Cube Capital?

The firm is regulated by the Monetary Authority of Singapore (MAS).

What businesses does InCred operate?

InCred operates across wealth management, lending, and retail investment platforms.

How much wealth does InCred manage?

The group manages over ₹1 lakh crore in wealth assets under management.

What is InCred’s IPO plan?

The proposed IPO includes a ₹1,250 crore fresh issue and an offer for sale of up to 9.9 crore shares.