Mizuho Eyes KKR’s Part Stake In InCred Finance
Japan’s Mizuho Financial Group is reportedly in discussions to acquire a portion of KKR’s stake in financial services unicorn InCred Finance at a premium to its most recent valuation of $1.2 Bn.
Global investment firm KKR may divest around 10% of its stake in the Mumbai-based tech-driven non-banking finance company (NBFC), though this may change depending on how the talks progress.
According to the report, the negotiations are being held for a premium of up to 30-40% over the $1.2 Bn valuation at which InCred raised $60 Mn in December 2023. This is contrary to typical secondary sales, which usually occur at a lower valuation.
“This is being seen as the entry for certain investors before the IPO and the firm’s valuation is moving 30-40% higher than the last funding valuation. While terms are yet to be finalised, the valuation would be higher,”
Mizuho is Japan’s financial institution with a presence in banking and asset management, announced a $145 Mn investment in Credit Saison India in February. In 2022, InCred Financial merged with KKR’s non-banking financial company, KKR India Financial Services. The merged entity is being run by Singh, with KKR and other investors owning a stake in the firm.
high-net-worth individuals (HNIs), including Manipal Group Chairman Ranjan Pai’s family office.
The development comes days after Incred Alternative Investments, the alternative asset management unit of InCred Capital, marked the first close of its maiden private equity fund.
https://inc42.com/buzz/mizuho-eyes-kkrs-part-stake-in-incred-finance/
