InCred Capital Acquires Singapore Fund Manager S Cube Capital to Grow Offshore Wealth AUM

InCred Capital is moving fast — two international acquisitions in 2026, a looming IPO, and now a direct play for the Singapore-GCC-India wealth corridor.

InCred Capital Acquires S Cube Capital to Strengthen Singapore Platform

InCred Capital, the institutional wealth and asset management arm of InCred Group, has announced the acquisition of S Cube Capital (SAIML Pte Ltd), a Singapore-based fund management company. The firm will be integrated into InCred Global Wealth Pte Ltd, InCred’s Singapore entity, subject to regulatory approvals.

The deal adds regulated fund vehicles to InCred Capital’s Singapore platform, directly expanding its offshore product suite for ultra-high-net-worth individuals, family offices, and institutional investors.

What Is S Cube Capital — and Why It Fits

S Cube Capital is regulated by the Monetary Authority of Singapore (MAS) and was founded by senior investment bankers with over 70 years of combined industry experience. The firm brings institutional-grade fixed income and alternative investment expertise, along with an established network across local and global markets.

As part of the acquisition, S Cube Capital’s founders Balaji Swaminathan and Hemant Mishr will join InCred Global Wealth as Joint Vice Chairmen of its global asset management business — a signal that this isn’t just a product acquisition, it’s a talent and leadership move.

Srikantan Selvamani, CEO of InCred Global Wealth, said: “S Cube Capital’s combination of regulated fund infrastructure, fixed income and alternative expertise, and an experienced investment team fits naturally within our platform. The acquisition adds scale and a strong suite of fund vehicles and solutions to our Singapore offering, while strengthening the foundation of our global asset management business.”

InCred Capital’s Offshore Expansion Strategy Takes Shape

This is InCred Capital’s second international acquisition in quick succession. Earlier in 2026, the firm acquired Arrow Capital DIFC, a Dubai-based boutique financial services firm — its first move into the Gulf Cooperation Council market. The S Cube deal follows a clear pattern: InCred is methodically building a cross-border platform anchored across the Singapore-GCC-India investment corridor.

That corridor is increasingly significant. Indian ultra-high-net-worth families and institutions are actively diversifying across geographies, and Singapore remains the premier regulated hub for offshore structuring in Asia. Having MAS-regulated fund vehicles under its own roof gives InCred Capital a distinct edge when competing for mandates in that space.

India’s M&A momentum more broadly has been striking in 2026. From Infosys’s $465M healthcare IT acquisition to InMobi’s adtech acquisition and upGrad’s stock-swap deal for Internshala, Indian companies are consolidating aggressively — both at home and across borders. InCred Capital’s offshore acquisition strategy fits squarely within that wave.

InCred Capital declined to disclose the deal size or valuation.

The Numbers Behind InCred Capital

The acquisitions are being built on top of an already substantial base. InCred Capital currently manages over ₹1 lakh crore (approximately $10.5 billion) in wealth AUM and around ₹10,000 crore ($1 billion) in asset management AUM. The business spans India, Singapore, Dubai, and London — and with S Cube’s fund infrastructure now added, its Singapore offering is meaningfully more complete.

Bhupinder Singh, founder of InCred Group, noted that the acquisition would make InCred a stronger partner to clients by offering a more seamless way to invest across key regional corridors.

IPO on the Horizon as InCred Group Builds Scale

The timing of these acquisitions isn’t coincidental. InCred Holdings Limited, parent company of NBFC arm InCred Financial Services, filed an updated draft red herring prospectus (UDRHP) with SEBI last week for its proposed IPO — first announced in November 2025 and approved by SEBI in February 2026.

The IPO includes a fresh issue of ₹1,250 crore and an offer for sale of up to 9.9 crore shares by existing shareholders. The total deal is estimated at ₹3,000–4,000 crore, with investors including KKR India Financial Investments, MNI Ventures, and MEMG Family Office. Listing on BSE and NSE is planned, though no date has been announced.

Building out a global wealth management footprint through regulated acquisitions before an IPO is a well-understood playbook. It expands the valuation story beyond a domestic NBFC into something globally positioned — and that’s precisely what InCred appears to be executing.

InCred Group has raised over $450 million in total funding from backers including Varanium Capital Advisors, Sattva Group, and Paragon Partners.

What Comes Next

With two acquisitions closed and an IPO in motion, InCred Capital’s near-term focus will be integrating S Cube Capital’s fund vehicles and leadership team, and activating its expanded Singapore platform for cross-border client flows. The Singapore-GCC-India corridor thesis is a long-game bet — but with MAS-regulated infrastructure now in place, InCred has the rails to run on.

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Author

Sachin

Sachin Sidharth is a Digital Marketing professional with a master’s degree in Digital Marketing from Coventry University, UK. He has 10+ years of blogging and online marketing experience. He currently heads Digital Acquisition for a leading London-based Fintech firm. At KnowStartup.com He focuses on writing Digital Marketing guides and manages...

Sachin Sidharth is a Digital Marketing professional with a master’s degree in Digital Marketing from Coventry University, UK. He has 10+ years of blogging and online marketing experience. He currently heads Digital Acquisition for a leading London-based Fintech firm. At KnowStartup.com He focuses on writing Digital Marketing guides and manages KnowStartup's Digital Agency rankings of firms across multiple cities in India. You can reach him on Linkedin.

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