InCred Alternatives Closes Maiden PE Fund at INR 575 Cr, Surpasses Target IGPF-I focuses on four core themes: consumption, enterprise, technology, and financial services.
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InCred Alternative Investments Private Limited (InCred Alternatives), a part of InCred Capital Financial Services Limited, has announced the final close of its maiden private equity fund — InCred Growth Partners Fund-I (IGPF-I) — with commitments exceeding INR 575 crore.
The fund surpassed its original target of INR 500 crore, bolstered by strong backing from large family offices, ultra-high-net-worth individuals (UHNIs), and high-net-worth individuals (HNIs).
IGPF-I focuses on four core themes: consumption, enterprise, technology, and financial services. It has already deployed capital into several high-growth, scalable companies such as Manjushree Technopack, Shadowfax, Niva Bupa, and Purplle. Notably, Niva Bupa was successfully listed in November 2024, marking an early win for the fund.
Additionally, the fund is in advanced discussions with two more companies and has issued term sheets, signaling continued deal momentum.
At the helm of IGPF-I is Vivek Singla, Managing Partner and CIO – Private Equity at InCred Alternatives. With over 20 years of investment management experience across private and public equity, Singla believes the current environment in India offers compelling opportunities. "There has been a broad-based reset in pricing expectations and a shift in founder mindset from 'growth at any cost' to 'profit after all costs'," he said, noting this is a prime time for fresh investments.
Singla added, "The close of IGPF-I marks a significant milestone for InCred Alternatives and reflects the confidence our investors have placed in our strategy and approach. We're committed to backing high-quality Indian businesses and ambitious BIZ Experiencess."
InCred Group operates as a diversified financial services platform with verticals across lending (InCred Finance), institutional and asset management (InCred Capital), and wealth-tech (InCred Money).
InCred Alternatives offers strategies across private equity, private credit, and quant-based investments, helping investors diversify into unique, high-potential opportunities.
