Sudheer V H

Left Deutsche Bank after 16 years to build a 9,000 CR company. 1. Starting in global fixed income structuring, Bhupinder Singh worked hard and became the head of investment banking and securities for Deutsche Bank's Asia Pacific region by 2013. He was now managing 21,000 CR of revenue and 2000 clients across 15 countries. But something worried him. 👇🏻 2. On one side were the large traditional banks and public lenders, and on the other were the fragmented fintech players. He aimed to establish a financial institution that provided global banking services utilising modern technology. He was thinking about how to approach it. 🤔 3. And the answer came in four words - Non-Banking Financial Company (NBFC). After 16 years, he left his top job to establish a tech-driven NBFC that caters to the millions of underserved middle-class households. In January 2016, InCred Financial Services was born. 🚀 4. Bhupinder spent the 12 months closely studying the market, consumer patterns, risk and regulatory affairs. He decided to target the consumer loans and MSME credit market with a low collateral requirement, a strong team, and even stronger technology. ✅ 5. As it expanded into education and personal loans, too, it raised 300 CR led by Paragon Partners in 2018. And then it grew like a rocket. By 2019, it crossed 1000 CR in revenue, 500 team members and served 6000 customers with a loan book of 1000 CR. 📈 6. It raised 600 CR, led by Dutch development finance institution FMO. It built proprietary credit algorithms that went beyond credit bureau and analysed education background, employment history, and even psychometric indicators. But Bhpinder knew something was missing. 🤔 7. He had to take a full-stack approach to service clients across the spectrum. So, he built InCred on three pillars: InCred Finance (core NBFC lender), InCred Capital (wealth management, investment banking, and equity broking), and InCred Money (retail investment). And magic happened. 🪄 8. By 2022, InCred had scaled to assets under management (AUM) worth 4000 CR at a revenue of 488 CR. It counted Amazon, Swiggy, Godrej, and Indiabulls among its clients. The moment came on July 26, 2022, as InCred Finance merged with KKR India to create a financial giant from India. 🇮🇳 9. InCred had proved everyone right as it grew by 50% to scale to an AUM of 7500 CR at a revenue of 877.5 CR from interest income and commissions. By December 2023, it had raised 500 CR led by Manipal's Ranjan Pai and became India's second unicorn of 2023. 🦄 10. Today, InCred clocks an AUM of 9039 CR at a at revenue of 1293.1 CR and profit of 316.3 CR. Its first pillar - InCred Finance achieves a net profit of 374 CR alone. 💪 ➡️However, the best part is that Bhupinder Singh supports the higher education of 140 students from low-income families and provides free healthcare to 700 patients. 🙏 For more such inspiring stories, FOLLOW me here! #startups #india

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Total potential ESOP wealth in India stands at INR 14.2 lakh crore! That’s 22% of India’s mutual fund industry AUM — and more than twice the PMS industry’s AUM. Let that sink in. But the biggest ESOP wealth creators are not who we usually think. Nifty 100 companies generate more ESOP wealth than the entire startup ecosystem. HDFC Bank alone created INR 5,282 crore of ESOP liquidity in 2024 — twice as much as India’s entire startup ecosystem did that year. It’s clear that ESOPs are massive wealth-creation engines hiding in plain sight. Yet our quiz last week revealed some surprising facts: Over 65% of ESOP holders with more than ₹1 crore in ESOPs are unaware of vesting calculations, the impact of dilution, or whether their employer’s ESOP policy is favourable. When Revant, Shantanu, and Chirag invited me on the Asymmetric Podcast, I stumbled upon research that made me question many of my own beliefs about this underrated wealth-creation tool. We break down India’s ESOP story in under 75 minutes, covering: - Salary vs Salary + ESOP - Ranking different ESOP policies - Cases where ESOP wealth was lost - The Flipkart Mafia - Life-changing ESOP stories of non-founders - How founders should allocate ESOPs - And a big surprise at the end I promise this will be worth your time — even if you have just 1 unit of equity in your company. Link to the full episode in comments! #ESOPs #WealthManagement #Dezerv #AsymmetricPodcast

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Perplexity is set to power Zerodha users — one of India’s most trusted and top-tier brokers. What truly stands out is the speed and decisiveness behind this move. With Indian Demat accounts crossing 20 crore, the potential to harness AI-powered insights in investing and trading is immense. On other note India ranks 5th globally in AI-related patents — behind China, the US, Japan, and South Korea. It’s time for Indian entrepreneurs to create world-class, unique products and take them to the global stage. Exciting times ahead for AI in India’s Financial market

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Last 1 Year Returns – A Reality Check In the past 12 months, Indian markets have been facing headwinds – volatile earnings, global macro pressures, and sectoral underperformance have kept returns modest. Meanwhile, Nasdaq and Hang Seng Bank have delivered phenomenal growth, driven by tech rebounds, policy shifts, and investor optimism. 💡 The takeaway? Relying solely on one geography limits your opportunities. A globally diversified portfolio spreads risk, captures growth across regions, and protects you when one market slows down. In today’s interconnected economy, your portfolio shouldn’t be bound by borders. Think global to grow steady. #news #investments #stockmarket #business

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I had a piece with Parker Karia and Varun Matlani on regulation of AI in the securities market in Saturday's Financial Express. We argue that while SEBI must regulate AI related dangers (including manipulation with fake content), it must also be a supportive of innovation.

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A multi-asset strategy involves holding a diversified set of assets that can behave differently across market conditions. This built-in diversification is likely to help the fund remain resilient across market cycles. DSP Mutual Fund

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Thrilled to announce the launch of Ironclad Ventures Fund, our second investment product under Ironclad Asset Management — a ₹200 Cr SEBI-approved fund dedicated to Employee Secondaries. Why does this matter? In India, most venture-backed startups allocate 5–15% of their cap tables to ESOPs, yet liquidity for employees is rare and ad-hoc. For too long, ESOPs have been treated as “paper money,” leading to weaker belief in equity ownership and misaligned incentives. Ironclad Ventures is built to change that. We partner with leading VC-backed startups to offer structured, repeatable liquidity programs, so employees can partially monetize their equity while continuing to hold long-term upside. This liquidity massively increases employees' belief in ESOPs. For companies, this reduces the pressure to constantly increase cash salaries, strengthens retention, and sends a credible signal of wealth creation via ESOPs to future hires. We will take a diversified approach — backing 30–40 high-quality startups across fintech, consumer, SaaS, AI, and digital infrastructure with small ESOP secondary cheques of ₹1–4 Cr for Seed to Series B startups. Our aim is simple: 1. Improve the belief that employees have in ESOPs and unlock some wealth for the people building India’s breakout companies 2. Preserve founder alignment and cap-table integrity 3. Enable Indian HNIs & family offices to access the innovation economy This launch follows the success of our first product, the Ironclad Flexicap PMS, which has grown capital at ~20% since inception in Jan 2025, in a difficult year for capital markets. With Ironclad Ventures, we extend our disciplined investment philosophy into private markets. #Ironclad AMC #VentureCapital #ESOPs #Secondaries #WealthCreation #InnovationEconomy https://lnkd.in/gqWkh_-m

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Over the past two decades, the NIFTY50 has compounded meaningfully — not just in price, but in profit. This chart isn’t noise. It’s a signal. Valuations may have run ahead at times, as they often do. But what stands out in India’s case is that earnings have consistently caught up. Every spike in price has eventually been met by real profit growth. Every drawdown has been followed by recovery grounded in fundamentals, not just liquidity. That kind of alignment isn’t unique to India — but the consistency of it is uncommon, especially in emerging markets. In a world where markets can drift far from the real economy, India’s equity story continues to be anchored in earnings. And that makes all the difference. 🔹 It’s not momentum. It’s resilience. 🔹 It’s not hype. It’s compounding. 🔹 It’s not temporary. It’s structural. 𝗧𝗵𝗲 𝘁𝗮𝗸𝗲𝗮𝘄𝗮𝘆 • If you’re investing with a 3-month view, this might not matter. • But if you’re thinking in decades, few markets offer a story this credible. #Nifty50 #IndiaEquity #StructuralGrowth #EarningsCatchUp #FundamentalsFirst #AssetManagement #LongTermCapital

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