While the company did not disclose the financial details, reports peg the deal at USD 10-15 million.
Through its acquisition of Qbera, InCred will look to augment its digital distribution strengths. Also, Qbera will benefit from InCred''s personal loans expertise and provide full-stack loan origination capabilities in risk-sharing partnerships with other leading financial institutions, a statement said.
As part of the transaction, Qbera founder and CEO Aditya Kumar has joined InCred and will continue to head the Platform business, as well as the InCred personal loan business. Co-founder and Vice President (Product) Anuj Sachdev has taken an advisory role.
"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," InCred founder and CEO Bhupinder Singh said.
Aditya Kumar said being a part of InCred provides Qbera critical cross-functional expertise, which is essential in taking the Qbera platform to new heights.
"Having access to superior risk and technology capabilities will play a vital role in scaling the business, especially in a post-COVID world. We strive to achieve our common vision of building the best platform business in the coming years," he said.
Qbera has built a lending platform for personal loans which offers credit to middle income salaried individuals who are typically underserved by incumbent banks and NBFCs on account of their employment with a wide range of smaller employers. These loans were offered in partnership with financial institutions like IndusInd Bank, RBL Bank and Fullerton.
InCred, in its own personal loan business, has developed deep capabilities across risk, analytics, technology and collections. PTI SR RUJ RUJ
Disclaimer :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI