InCred Capital, a financial services firm, has announced the appointment of Vikram Agarwal as its Chief Operating Officer (COO). Agarwal, who previously served as COO, Chief Revenue Officer, and a board member at Julius Baer India, will now oversee technology, operations, client servicing, compliance, and risk management at the Mumbai-based company, according to a statement released by InCred Capital.
“We welcome Vikram Agarwal to the InCred family. His extensive experience and proven track record in managing complex operations and driving innovation make him ideal to steer InCred Capital to new heights of success. Vikram’s strategic vision and operational expertise will be instrumental as we continue to grow and scale our businesses", said Bhupinder Singh, group CEO of InCred.
Before joining Julius Baer, where he played a key role in acquiring its wealth management business from Bank of America Merrill Lynch in India, Agarwal also held leadership positions at Bank of America Merrill Lynch, Accenture, and other technology consulting firms. Commenting on his appointment, Agarwal said, “I am excited to join InCred Capital at a pivotal time in the organization’s growth trajectory. InCred’s commitment to innovation and excellence aligns perfectly with my professional ethos. I look forward to working with the talented team at InCred to build on the company's impressive momentum".
On May 17, Japan’s Mizuho Financial Group engaged in discussions to acquire a stake in InCred Finance, the lending division of InCred Group. The plan involved purchasing a portion of global investment firm KKR’s stake at a premium to the last valuation of $1.2 billion. According to the report, KKR might sell approximately 10% of its stake in InCred as part of the deal.
In December last year, InCred Group joined the unicorn club following a $60 million Series D funding round from a group of high-net-worth individuals. InCred Finance, the group's non-banking financial company, reported a total revenue of Rs 877.5 crore for 2023, marking a 67% year-on-year increase. Additionally, its net profit soared to Rs 121 crore, up from Rs 31 crore the previous year.