Acquisition · Financial Services
InCred Capital buys Singapore fund manager S Cube Capital
By Startup Enthusiast ·
- Date
- Company
- InCred Capital
- What it does
- Wealth and asset management firm
- Kind
- Acquisition
- Sector
- Financial Services
What they do
InCred Capital provides wealth management, asset management, and capital markets advisory across India, Singapore, Dubai, and London
What happened
It has acquired Singapore-based S Cube Capital, a MAS-regulated asset manager, which will be merged into its Singapore unit InCred Global Wealth
Why it matters
The acquisition strengthens InCred's offshore capabilities along the Singapore-GCC-India investment corridor, following its earlier purchase of Dubai's…
The details
- InCred Capital has acquired S Cube Capital (SAIML Pte Ltd), a Singapore-based fund manager.
- S Cube Capital will be merged into InCred Global Wealth Pte Ltd, InCred's Singapore unit, pending regulatory clearance.
- The acquisition adds MAS-regulated fund vehicles to InCred's Singapore platform.
- InCred Capital had earlier bought Dubai-based Arrow Capital in February 2025.
- These acquisitions aim to strengthen InCred's offshore capabilities along the Singapore-GCC-India investment corridor.
- S Cube Capital co-founders Balaji Swaminathan and Hemant Mishra become joint vice chairs of InCred Global Wealth's global asset management division.
- The deal size or valuation was not disclosed.
The bigger picture
- InCred Holdings, the parent group, submitted a revised DRHP for an IPO to SEBI in May 2026, after filing confidential draft papers in November 2025.
- The IPO includes a fresh issue of INR 1,250 crore and an offer for sale of up to 9.9 crore shares by existing investors.
- InCred Group has raised over $450 million from investors including Paragon Partners, Sattva Group, and Varanium Capital Advisors.
About the business
- InCred Capital operates in India, Singapore, Dubai, and London, offering wealth management, asset management, and capital markets advisory.
- InCred Global Wealth is a MAS-regulated firm serving ultra-high-net-worth individuals, family offices, and institutional investors with credit, investments, and legacy planning.
- S Cube Capital is a MAS-regulated asset management firm founded by senior investment bankers with 70+ years combined experience.
- InCred Holdings has three verticals: InCred Capital, NBFC InCred Financial Services, and retail investment platform InCred Money.
- InCred Capital's wealth AUM exceeds INR 1 lakh crore (~$10.5 billion).
- InCred Capital's asset management AUM is around INR 10,000 crore (~$1 billion).
What happens next
- S Cube Capital will be merged into InCred Global Wealth Pte Ltd pending regulatory clearance.
- The acquisitions aim to strengthen InCred's offshore capabilities along the Singapore-GCC-India investment corridor.
The deal
- Type
- acquisition
Founders
- Bhupinder Singh, Founder of InCred Group
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