Argus Partners advised OAKS Asset Management, an existing shareholder of Incred Financial Services (the retail and MSME lending business of InCred), in a recently concluded deal wherein, InCred Financial Services will merge its non-banking lending business with KKR India Financial Services (“KIFS”).

A consortium consisting of the Incred Founder, Bhupinder Singh, as well as existing InCred investors, will own a majority stake post the merger. A consortium led by KKR and comprising existing investors in KIFS will retain a significant minority stake. KKR will be the single largest investor at the time of the transaction’s close and will remain a long-term strategic partner to the business. InCred’s equity investors include former Deutsche Bank co-CEO Anshu Jain, Ranjan Pai of Manipal Group, OAKS Asset Management, Investcorp, FMO, Moore Capital and Elevar.

This will be a strategic investment for KKR and will not be a portfolio company in a KKR fund. It will operate independently of KKR. 

The Argus team was led by Gaurav Singhi, Partner and Tushnika Dayal, Senior Associate. Incred Financial Services and the promoter group was advised by Trilegal. AZB & Partners acted on behalf of KKR.

Gaurav Singhi

Gaurav is a Partner at the Mumbai office of Argus Partners. His core focus is on end-to-end legal services delivery for financial sponsors across their investment lifecycle, ranging from early-stage investments, mid-market deal-making, mature control deals and eventual exits. He continues to remain a trusted advisor for several private enterprises and corporate houses, both domestic and foreign on acquisitions, strategic investments and joint ventures, advising clients on a wide range of issues encompassing transaction structuring, capital raising, group reorganisation, exchange control, securities law and related aspects. 

His transactional experience spans across a wide range of sectors such as e-commerce, financial services, real estate and health care. His litigation experience in early years of his career has helped him provide valuable advice to clients in shareholder disputes. He has also been actively involved in thought leadership, continuous learning development and mentoring programmes. 

Gaurav completed B.A. LL.B (Hons.) degree from the National University of Juridical Sciences, Kolkata in 2006. Before joining Argus Partners, Gaurav was a Partner with Cyril Amarchand Mangaldas.

Tushnika Dayal

Tushnika works as a Senior Associate and is a part of the general corporate practice of Argus Partners in Mumbai. 

Her core focus areas are Private Equity, Venture Capital and Mergers & Acquisitions. Her transactional experience spans across a wide range of sectors such as e-commerce, financial services and health care.

Tushnika is a graduate from the Government Law College, Mumbai with a dual degree of BLS-LLB. She secured the 2nd rank in the 2016 batch. She was also awarded the Rangnathrao Trophy for Best Student in her final year.

Prior to joining the Firm, Tushnika was a Senior Associate with Cyril Amarchand Mangaldas, Mumbai in their General Corporate practice.

Tushnika is enrolled with the Bar Council of Maharashtra and Goa.