Transaction size estimated at $10-15 million
InCred Management and Technology Services on Wednesday announced that it has acquired fintech platform Qbera from Ant Creditex Technologies.
The transaction was for an undisclosed amount but is estimated at $10-15 million.
“Through its acquisition of Qbera, InCred will look to augment its digital distribution strengths. Conversely, the platform business will also benefit from InCred’s legacy personal loans expertise and provide full-stack loan origination capabilities in risk-sharing partnerships with other leading financial institutions,” it said in a statement.
InCred Management and Technology Services is a wholly-owned subsidiary of InCred Financial Services.
As part of the transaction, founder and CEO of Qbera, Aditya Kumar, has joined InCred and will continue to head the Platform business, as well as the InCred personal loan business. Co-founder and VP Product, Anuj Sachdev, has taken an advisory role.
Bhupinder Singh, founder and CEO of InCred, said, “The Qbera acquisition importantly marks the launch of InCred’s platform business ― a first of its kind for an NBFC of our size in India. We have built best-in-class risk management, technology and analytics capabilities across different asset classes like education, MSME and consumer loans. We look to leverage them in strong partnerships with leading financial institutions in India, and abroad.”
Qbera has a strong lending platform for personal loans while InCred also has a personal loan business, the statement said.
“Having access to superior risk and technology capabilities will play a vital role in scaling the business, especially in a post-Covid world,” said Aditya Kumar, founder and CEO of Qbera.
Thank you for being a loyal user of Portfolio.
Portfolio will be a paid section hereon.
Please Subscribe to get access to one of our early bird packs.
Or click on Free Trial to get 14 days free trial.
What You'll Get
-
Web + Mobile
Access exclusive content of the Hindu Businessline across desktops, tablet and mobile device.
-
Exclusive Portfolio and Investment Advice, Banking, Lifestyle and Specials
Get diverse set of perspectives from our trusted experts on Portfolio, Banking, Economy, Environment and others.
-
Ad free experience
Experience cleaner site with zero ads and faster load times.
-
Personalised dashboard
Customize your preference and get a personalized recommendation of stories based on your interest.
Published on
June 17, 2020
A letter from the Editor
Dear Readers,
The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.
Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.
In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.
We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.
But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.
I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.
A little help from you can make a huge difference to the cause of quality journalism!
Support Quality Journalism