New Delhi, Feb 25 (PTI) InCred Finance, the NBFC arm of InCred Group, on Tuesday announced its foray into gold loans through the proposed acquisition of the gold loans business of TruCap Finance Ltd, formerly known as Dhanvarsha Finvest Ltd.

InCred Finance did not disclose the consideration amount for the acquisition.

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This proposed acquisition will provide a nationwide network of 115 branches, a customer base of 40,000, a team of 550 employees and an AUM of over Rs 650 crore, InCred Finance said in a statement.

The proposed acquisition is subject to the execution of long-form documents, obtaining necessary approvals and the fulfilment of all conditions precedent to closing, it added.

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This strategic acquisition will provide InCred Finance with a head-start in the gold loans business, accelerating its go-to-market timeline by 24-36 months, it said.

InCred Finance will get complete access to the experienced team of TruCap, along with the well-established operational framework, it noted.

With this acquisition, InCred Finance will add another rapidly growing, scalable secured loan book to its diversified lending portfolio spread across personal, MSME and education loans.

The gold loan business at InCred Finance will be led by Saurabh Jhalaria, a founding team member of InCred Finance, who also heads the MSME and Education loans verticals.

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