InCred has recruited three senior executives from rival firm Avendus to establish a dedicated platform targeting ultra-high-net-worth individuals. According to reports from The Economic Times, Alok Agrawal, Harmeet Sahney and Zarksis Gotla have joined InCred as cofounders of InCred Black, bringing over 15 years of experience in building Avendus' wealth management business. The trio previously advised some of the most prominent UHNI clients and will now help shape InCred Black, deepen client relationships and expand the team as the business scales. As reported by InCred, this strategic move comes as the country's pool of wealthy individuals expands and family offices increasingly seek access to private markets, alternative investments and global assets.
InCred Black will offer personalised wealth management and access to asset allocation, alternative investments, public and private markets, credit, liquidity solutions and global investing. As reported by The Economic Times, the platform will leverage capabilities across InCred Capital and the wider InCred group. The company announced on Tuesday that it seeks to sharpen its focus on ultra-high-net-worth individuals, entrepreneurs and business families with this new offering. InCred Black plans to add more senior bankers and specialist talent as it scales, according to InCred founder and group chief executive Bhupinder Singh. The new proposition builds on InCred's existing wealth business, which has already crossed ₹1 lakh crore in assets under management and serves a large UHNI client base.
The initiative targets India's expanding pool of wealthy individuals, with the country having more than 19,000 UHNIs with assets above $30 million, a figure expected to exceed 25,000 by 2031, according to a Julius Baer-EY report cited by The Economic Times. India also has around 200 billionaires holding about $1 trillion in wealth. The growth in the UHNI population has been driven by IPOs, private equity exits and founder liquidity events, creating significant opportunities for wealth management firms. The sector is being reshaped by IPOs, promoter stake sales and the growing formalisation of the economy, which are creating more liquidity in the hands of entrepreneurs and business owners.
The wealth management sector is experiencing significant transformation as traditional players compete with technology-led platforms and newer entrants. Nexedge Capital, founded by former 360 One co-founder Anirudha Taparia, has demonstrated rapid growth by scaling to more than $3 billion in assets under management in just 18 months since its February 2025 inception. The company has attracted more than 150 investors and hired more than 95 senior bankers, with plans to expand from 11-12 to 20-22 locations. Taparia emphasizes building a differentiated approach called net worth management that considers the entire balance sheet including listed and unlisted investments, overseas assets, real estate, business ownership, and succession planning, rather than focusing solely on investable financial surplus. According to InCred, InCred Black raises the bar further - bringing a sharper proposition, differentiated access and the full capabilities of InCred to their most sophisticated clients, while strengthening the broader wealth management platform.
