InCred hires Avendus trio to lead new UHNI wealth platform

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, ET BureauLast Updated: Aug 25, 2026, 06:41:00 AM IST

Synopsis

InCred recently welcomed three senior professionals from the competition, Avendus, to establish a dedicated platform aimed at ultra-high-net-worth individuals. Their wealth division has now achieved assets exceeding one lakh crore. As India's ultra-high-net-worth population continues to surge, this initiative is set to tap into a flourishing segment of wealthy clientele.

Mumbai: InCred hired three senior executives who helped rival Avendus build its wealth management business to lead a new platform focused on ultra-high-net-worth individuals, as financial firms compete for a growing pool of wealthy Indian clients.

Alok Agrawal, Harmeet Sahney and Zarksis Gotla joined InCred as cofounders of InCred Black, a new business targeting UHNIs, entrepreneurs and business families, the company said Monday.

The trio spent more than 15 years building the wealth business at Avendus and advised some of the most prominent UHNI clients. Agrawal, Sahney and Gotla will help shape InCred Black, deepen client relationships and expand the team as the business scales, it said.

The 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. According to InCred, its wealth franchise has crossed ₹1 lakh crore in assets under management and serves a large UHNI client base.

InCred Black will offer personalised wealth management and access to asset allocation, alternative investments, public and private markets, credit, liquidity solutions and global investing, leveraging capabilities across InCred Capital and the wider InCred group, it said.

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InCred Black plans to add more senior bankers and specialist talent as it scales, InCred founder and group chief executive Bhupinder Singh said.

The hiring comes against the backdrop of rapid growth in the UHNI population. India has 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.

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.

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