IndusInd International & Invesco JV Creates India’s 16th Largest Asset Manager with ₹1.48 Lakh Crore AUM

IndusInd International Holdings Limited (“IIHL”), the promoter of IndusInd Bank, and Invesco Ltd. (“Invesco”) announced today that they have completed the formation of their asset management joint venture (“JV”) following IIHL’s acquisition of a 60% ownership stake in Invesco Asset Management India (“IAMI”) following all regulatory approvals and closing conditions. With Invesco retaining the balance 40% stake, both IIHL and Invesco will hold joint sponsor status under the regulatory framework.

As of September 2025, IAMI is the 16th largest domestic asset manager in India with combined onshore and offshore (through advisory) average assets under management of INR 148,358 crores for the quarter ending September 2025 and a presence in 40 cities across the country.

Both partners contribute their respective strengths to the venture, with Invesco offering its global investment management expertise and product range, while IIHL will support, through its promoted entity and subsidiaries, a robust distribution network comprising over 11,000 touchpoints across India and serving a customer base of 45 million. IIHL will also deploy the reach of several associate entities of its global shareholders that offer synergistic business operations to widen the customer base by another 50 million.

There will be no change in IAMI’s focus on investment excellence and exceptional client service. The JV will continue to operate under the same management led by Saurabh Nanavati, with the same disciplined and research-driven investment philosophy and processes that have been central to its investment offerings since 2008, ensuring strong continuity for investors, distributors, and other stakeholders.

Mr. Ashok Hinduja, Chairman, IIHL, said, “At IIHL, we are very enthused with this JV with Invesco, to augment our para banking portfolio by including Asset Management, and be a global financial (BFSI) powerhouse by 2030. This is the most opportune time, when India, on the back of rising income levels, favourable demographics, offers enormous investment prospects to all Indians, the diaspora included. We will endeavour to reach the last home, last investor transparently and efficiently and live up to investors' expectation that mutual fund sahi hai. ”

Mr. Andrew Lo, Chief Executive Officer, Asia Pacific at Invesco, said: “Our India business has seen solid growth in the last nine years. We now look forward to the partnership with IIHL to further expand our distribution capability in the domestic market. As always, our focus will remain squarely on industry-leading investment offerings and service for our India clients with compelling global and domestic investment capabilities.”

Speaking on the announcement, Mr. Saurabh Nanavati, CEO, Invesco Asset Management (India) said: "We are pleased to announce the completion of this strategic transaction. This joint venture represents the coming together of Invesco’s global expertise in asset management and IIHL, facilitating its deep local market presence. Together, we aim to strengthen our reach and expand distribution, especially in Tier 2 and Tier 3 towns, thereby making quality investment solutions available to a wider set of investors across India. We also aim to increase our presence and offerings through GIFT City, SIFs, Passive Products and Digital channels.”

Motilal Oswal Investment Advisors acted as the exclusive financial advisor to IIHL. Crawford Bayley and AZB acted as legal advisors to IIHL & Invesco, respectively.

Founded in 1993 under the visionary leadership of the late Shri S.P. Hinduja and his three brothers, IIHL is an investment holding Company well-regulated by the Financial Services Commission, Mauritius, under a Global Business License and is governed by the Board of Directors. Its investment portfolio under various Regulatory jurisdictions comprises Banking Services (IndusInd Bank, IIHL Bank & Trust Limited- Bahamas), Capital Market Assets (Afrinex Exchange Limited, Mauritius, with a cumulative listing of $13.5bn of underlying securities). Recently, it acquired the Insurance Businesses (Life, Non-Life, and Health) along with the Securities business of Reliance Capital Ltd to augment its portfolio.

IAMI began operations in India in late 2008 with the acquisition of Lotus India Asset Management Company and has since grown to serve over 2.9. million retail investor folios and over 48,000 empanelled distributors, with over 70% of its AUM in equity and equity-oriented assets. Invesco also operates an enterprise centre in Hyderabad employing more than 1,700 staff across a range of global support functions, including information technology, investment operations, finance, compliance, and human resources.

About IndusInd International Holdings Limited (www.indusindinternational.com)

Originally versed in the banking sector, IndusInd has, over the years, invested in a wide range of financial services across several jurisdictions. With a USD 1.2 bn net asset value as of September 2025, IIHL is dedicated to value creation for its global shareholders by maintaining this dynamic growth through ongoing investment and acquisition of high-value assets. IIHL’s vision is to be a Global Financial Services Institution with a commitment to excellence in international orientation, innovation, speed, and strict compliance with the principles of good corporate governance.

About Invesco Asset Management (India) Private Limited

Invesco Asset Management (India) is one of the leading asset management companies in India. With over INR 148,358 crores of average assets under management for the quarter ending September 2025 across Mutual funds, PMS and Offshore Advisory, we serve the investment needs of individual investors, corporates and institutions through mutual funds and sub-advised portfolios. Our expertise extends across equity, fixed income and alternative asset classes, where we offer the complete range of funds designed to suit investment needs. IAMI’s aim is to provide top-class financial care, impeccable service and best-in-class investment products. For more details, visit: www.invescomutualfund.com

About Invesco Ltd.

Invesco Ltd. (NYSE: IVZ) is a global independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. With offices in more than 20 countries, our distinctive investment teams deliver a comprehensive range of active, passive and alternative investment capabilities. For more information, visit www.invesco.com/corporate

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

Hinduja Group Initiates Rs 4300 Cr Plan for Acquiring Reliance Capital

The Hinduja Group has initiated a significant ₹4,300 crore (~$51.47 million) plan for the acquisition of Anil Ambani-led Reliance Capital. Hinduja Group's IndusInd International Holdings (IIHL) received approval from the Insurance Regulatory and Development Authority of India (IRDAI) for the acquisition of Reliance Capital.

The bankruptcy court NCLT Mumbai approved IndusInd International Holdings' resolution plan for acquiring Reliance Capital in February. Notably, the Hinduja Group entity submitted its ₹9,650 crore bid for the company just 24 hours after the auction deadline in December 2022.

To close the acquisition, IndusInd International Holdings (IIHL) is raising funds through a non-convertible debenture (NCD) issue. IIHL requested a 90-day extension beyond the original deadline of May 27, 2024, to arrange necessary regulatory approvals and secure funding. The debt includes both domestic market sources and global private credit funds.

As of the March 2024 quarter, Anil Ambani's family remains listed as promoters in the Reliance Group company. Anil Ambani himself holds no shares, while his wife Tina owns 2,63,474 shares, and their son Jai Anmol Ambani holds 28,487 Reliance Capital stocks.

Reliance Capital is currently undergoing the corporate insolvency resolution process, with Nageswara Rao Y appointed as administrator by the Reserve Bank of India under the Insolvency and Bankruptcy Code, 2016.

The acquisition includes taking over Reliance Capital's insurance arms: wholly-owned subsidiary Reliance General Insurance and the 51:49 joint venture with Nippon Life, known as Reliance Nippon Life Insurance.

The National Company Law Tribunal (NCLT) approved IIHL's ₹9,650 crore resolution plan for Reliance Capital. The implementation is pending approval from the Reserve Bank of India (RBI) for the proposed corporate restructuring of implementing entities.

Reliance Capital had a debt of over ₹40,000 crore. IIHL's bid of ₹9,661 crore upfront cash was selected by the committee of creditors. Additionally, Reliance Capital's cash balance of an extra ₹500 crore will go to the lenders.

The acquisition has received approvals from banking and capital markets regulators, as well as the Competition Commission of India (CCI). However, the IRDAI expressed certain concerns, including potential violations of foreign direct investment caps in insurance companies and reliance on borrowings for the acquisition.

Overall, the acquisition process is progressing, subject to regulatory clearances and compliance.

Besides Reliance Capital, an another Anil Ambani led company, Reliance Naval and Engineering (RNEL), was taken over by Mumbai-headquartered business house Swan Group's Swan Energy Limited, in January this year. Swan Energy acquired erstwhile Anil Ambani group company Reliance Naval & Engineering (RNEL), in December 2022.

IndusInd Bank and ADB join hands to support Supply Chain Financing

IndusInd Bank has today announced a strategic partnership with Asian Development Bank (ADB) to support and promote Supply Chain Finance (SCF) solutions in India. The Bank has entered into a partial guarantee programme with ADB with an initial outlay of USD 70 million (Rs 560.0 crore), exclusively towards promoting Supply Chain Finance solutions in India.

IndusInd Bank aims to grow its presence in MSME financing and this partnership will further strengthen various initiatives of the Bank in this domain. With SCF being a focus area, the Bank has initiated a host of strategic efforts including the launch of new product structures for SCF. In addition to this, the Bank recently launched a state-of-the-art digital portal for SCF – ‘earlyCredit’ enabling 24*7 seamless processing of SCF transactions for corporates, suppliers & dealers.

Commenting on the partnership Mr. Amitabh Saraff, Head - Financial Services, SME Business & SCF, said “At IndusInd Bank, we look forward to funding the entire ecosystem of a corporate entity by offering holistic SCF solutions, meeting end-to-end requirements of both corporate and their dealers/suppliers thereby being a true partner in their growth trajectory. Partnership with a global organisation like ADB strengthens our SCF platform, a leading provider in the country. This association will further open up opportunities for the Bank to innovate and empower our clients with the best financing solutions.”

About IndusInd Bank

IndusInd Bank, which commenced operations in 1994, caters to the needs of both consumer and corporate customers. Its technology platform supports multi-channel delivery capabilities. As on June 30, 2022, IndusInd Bank has Branches / Banking Outlet and ATMs spread across geographical locations of the country. The Bank also has representative offices in London, Dubai and Abu Dhabi. The Bank believes in driving its business through technology. It enjoys clearing bank status for both major stock exchanges - BSE and NSE - and major commodity exchanges in the country, including MCX, NCDEX and NMCE. IndusInd Bank was included in the NIFTY 50 benchmark index on April 1, 2013.

RATINGS

Domestic Ratings:

CRISIL AA + for Infrastructure Bonds program/Tier 2 Bonds

CRISIL AA for Additional Tier 1 Bonds program

CRISIL A1+ for certificate of deposit program / short term FD program

IND AA+ for Senior bonds program/Tier 2 Bonds by India Ratings and Research

IND AA for Additional Tier 1 Bonds program by India Ratings and Research

IND A1+ for Short Term Debt Instruments by India Ratings and Research

International Ratings:

Ba1 for Senior Unsecured MTN programme by Moody’s Investors Service

Agritech Firm WayCool Foods receives $5.5 Mn Debt Financing from IndusInd Bank guaranteed by HDFC

• DFC provides 100% guarantee to WayCool for a loan from IndusInd Bank’s Impact Investing Group


• Loan to support WayCool’s journey into a global food supply chain and logistics player 


• Funds will be used to invest in technology and expand food distribution business in South India

U.S. International Development Finance Corporation (DFC) has extended a 100% guarantee to WayCool Foods’ latest round of fund raise of U$5.5 Mn through debt financing from IndusInd Bank Ltd. It follows the Series C round of US$32 Mn led by Lightbox earlier this year. Setuka Partners LLP was the advisor to the current transaction.

DFC’s financing to WayCool comes through IndusInd Bank in the form of a 100% guarantee. The loan is to be deployed through IndusInd Bank’s Impact Investing division, which will support WayCool Foods’ expansion plans.

WayCool Foods plans to use the funds to introduce advanced technology, implement strict hygiene measures, and increase transportation efficiency to reduce food spoilage and improve farmer yields, thus contributing to food security. This will also allow the company to strengthen food distribution across South India.

Karthik Jayaraman, Co-Founder and CEO, WayCool Foods said, “WayCool has been steadily building necessary technology and operational capabilities to operate robust agrifood supply chains from soil to sale. We welcome DFC and IndusInd Bank as partners in this journey and believe that this partnership is an endorsement of WayCool’s ability to lead transformation within the sector.”

DFC, America’s development bank, provides financing to address critical challenges across emerging markets globally. The investment in WayCool Foods demonstrates DFC’s commitment to supporting India’s food and agriculture distribution sector. The investment has been finalized after a stringent due diligence process.

On associating with WayCool Foods, Ajay Rao, Director - Social Enterprise Finance Team, DFC, said, “We are proud to work together with the remarkable team at WayCool to solve some of the most pressing challenges in India’s agricultural sector. We look forward to this collaboration during these critical times and are thrilled to support WayCool’s efforts to enhance food security in India.”

The loan is deployed through IndusInd Bank’s Impact Investing Group. The DFC guarantee enabled the bank to provide an equivalent of Rs. 35 Crores loan to WayCool, IndusInd Bank said in a statement. The structure is significant as it helps in mobilizing local capital for WayCool, also it eliminates foreign exchange rate fluctuation risk from the balance sheet of WayCool, it added.

WayCool procures, processes, and distributes a range of food products including fresh produce, staples, and dairy products, moving over 250 tonnes of food every day to 8,000 enterprise clients across South India. The company operates a soil-to-sale model, engaging deeply with a base of 40,000 farmers in more than 50 regions across India, while bringing efficiency through its direct supply chain model. The Company plans to accelerate profitability and improve on its capital efficient model by continuing to invest in technology and automation across the value chain. 

WayCool has previously raised three rounds of funding from Lightbox, LGT Lightstone Aspada, FMO, Caspian Impact Investment, and Northern Arc Capital Ltd. 

About U.S. International Development Finance Corporation

U.S. International Development Finance Corporation (DFC) is America’s development bank. DFC partners with the private sector to finance solutions to the most critical challenges facing the developing world today. We invest across sectors including energy, healthcare, critical infrastructure, and technology. DFC also provides financing for small businesses and women entrepreneurs in order to create jobs in emerging markets. DFC investments adhere to high standards and respect the environment, human rights, and worker rights.

About WayCool Foods Pvt. Ltd.

WayCool Foods, founded in July 2015 by Karthik Jayaraman and Sanjay Dasari, is India’s fastest growing agri-tech company. Focusing on food development and distribution, the Company leverages innovative technology to scale and operate a complex supply chain. WayCool operates a full stack, broadline product range across multiple channels and categories such as fresh produce, staples, and dairy, serving over 8,000 clients in the general trade, modern trade, and food services space.

About IndusInd

IndusInd Bank, which commenced operations in 1994, caters to the needs of both consumer and corporate customers. Its technology platform supports multi-channel delivery capabilities. As on March 31, 2020, IndusInd Bank has 1911 branches/ banking outlets and 2760 ATMs spread across 751 geographical locations of the country. The Bank also has representative offices in London, Dubai and Abu Dhabi. The Bank believes in driving its business through technology. It enjoys clearing bank status for both major stock exchanges - BSE and NSE - and major commodity exchanges in the country, including MCX, NCDEX and NMCE. IndusInd Bank was included in the NIFTY 50 benchmark index on April 1, 2013.

PayNearby partners with IndusInd Bank for Contactless Payments at 2 Lakh+ Kirana Stores

In its bid to simplify ordering, payments and delivery of essentials during the lockdown, PayNearby, India’s fastest growing hyperlocal FinTech startup has now expanded its hyper local discovery and purchase application ‘BuyNearby’ for Pan India operations with IndusInd Bank as digital payment partner.

The app has helped over 2 lakh kirana shops across the country take their stores online. Besides local kiranas, the platform hosts a wide range of retailers including – grocery stores, pharmacies, sweet stores, supermarkets, milk & dairy products, branded specialty stores, gift shops, and meat shops, among others thus catering to a wide range of customer needs. This app, in addition to helping order from nearby retail stores, will also enable the citizens to make UPI, BHIM Aadhaar and other Digital payments on the platform built by PayNearby in partnership with IndusInd Bank.

In the wake of the lockdown, with social distancing being the new norm, access to daily essentials has been a huge challenge across the country. With BuyNearby, customers can now identify their nearest local kirana store and conveniently order anything while choosing from a wide range of products. Besides easy access to daily essentials, the interactive app allows customers to pre-order and pre-schedule deliveries, with the option to pay digitally, thus helping observe social distancing and also championing honorable Prime Minister’s vision for going local.

The offering which was initially introduced in Mumbai and Chennai on a pilot basis has now been expanded across over 2 lakh retail touch point’s Pan-India. BuyNearby aims to ramp up its presence significantly at a rapid scale in the near future.

Besides easy product discovery, it also offers 24X7 ordering facility whereby one can place an order on the BuyNearby app anytime even if the shop is closed. The tech enabled platform will also help customers to track their order and discover substitutes if the required item is not available. Digital payments come naturally on the backdrop of huge success of UPI since with help of “Intent Call” for all UPI Apps in the customers mobile, one can choose the option from where it is most convenient to pay.

Additionally, the platform enables consumers to confirm selection and changes before placing an order whilst supporting digital payments at the time of delivery or in advance. With a wide range of retailers on the platform, BuyNearby seeks to cater to the needs of variety of customer demands.

Retailers on the other hand can receive orders on their apps, and in turn, place bulk orders to their distributors from time to time, on the basis of prompts in the App for stock out possibility, creating a seamless supply chain connectivity. Since Retailers will be able to accept digital payments, they will be able to pay to their distributors digitally on the new age technology platform built by Nearby Technologies with IndusInd Bank. This will increase efficiency and enable them for digital commerce. The platform offers multiple payment options, allowing them to cater a wide range of customers and increase their consumer base. In cases where the Retailer intends to maintain Khata for credit to customers, the retail can use the Customer Khata feature in the App seamlessly with the orders. Customers coming to the store will also have an option to avail a wide range of financial services generating additional income for the retailers. Also, with the amount of transaction data generated for the Retailer, they will be able to avail loans from platform and partner Bank and NBFCs.

Distributors, too, receive real-time orders from retailers, further improving the delivery network, while the interface helps improve stock visibility. It also allows them to view team movement, analyze sales data and track stock with ease. Key benefit is that the app clubs all orders from a particular area so that aggregated orders can be delivered with ease of logistics, rather than delivering them separately, thereby saving on time and travel costs.

Mr. Anand Kumar Bajaj, MD & CEO, PayNearby said, “The kirana store has been a crucial part of the Indian economy as well as the social fabric. It enjoys a very high level of trust and familiarity for the citizen. Even through the pandemic lockdown, the humble kiranas in the neighborhood has stood tall offering seamless access to daily essentials like on National Duty. BuyNearby aims to empower our local kirana stores, by blending easy to use digital technology with last-mile connectivity. With the initiative we also aim to diligently drive our honorable PM’s vision of ‘Aatma-Nirbharta’ and his call for ‘local’ by supporting local businesses and helping them evolve into retail powerhouses. Retailing to the power of Digital Payments is a win-win for our partner IndusInd Bank, the FMCG, Citizen and the Retailers."

PayNearby offers a host of financial and non-financial services to the underbanked and unbanked, through its 8.5 lakh retail touch points. The company for the past four years, has been working diligently to bridge the urban-rural divide in terms of accessibility to financial services. With the PM’s recent address, emphasizing on self-sufficiency and the importance of going local in the current scenario, BuyNearby is giving the local retail store a digital presence, and is all set to champion the way kirana stores are utilised in the country.

Introducing India’s First Battery-Powered Interactive Payment Card

IndusInd Bank and Dynamics Inc. today at the 2018 Consumer Electronics Show (“CES”) announced plans to introduce the first battery-powered, interactive payment cards to the Indian market in 2018.

The new IndusInd Bank card from Dynamics has multiple buttons that let the consumers use a single card to pay in multiple ways. With a touch of a button consumers can select credit, points or monthly instalments as payment option. A different colour light will activate based on the selected payment option.



The solution requires no changes to the payment infrastructure or merchant systems. A consumer can pay using points or installment anywhere Mastercard is accepted.

“In our continued efforts in providing ‘responsive innovation’ as the core theme of IndusInd Bank, in the past we have launched a wide range of banking products and services which are unique, convenient and very relevant to the Indian consumer. Our penchant to delight our customers remains foremost and we reinforce our commitment yet again with this launch,” said Sumant Kathpalia, Head- Consumer Banking, IndusInd Bank.

“Consumers today believe in indulging themselves and purchasing to their heart’s content. And we believe in handing the consumer the power and the choice to make payment as per her convenience. We have always put our consumer first. And our responsive innovation in partnership with Dynamics is a step towards customer delight,” said Anil Ramachandran, EVP & Head, Marketing & Corporate Communications and Retail Unsecured Assets at IndusInd Bank. “With the Dynamics technology on board with IndusInd Bank, we can deploy the revolutionary payment functionality throughout the Indian market while retaining the existing card form so consumer behavior does not need to change.”

As part of the relationship, Dynamics will establish a personalization and card fulfillment facility in India. “The financial preferences of consumers in India can change very rapidly. Now, consumers in India can enjoy a product that can provide consumers with new ways to pay,” said Jeffrey Mullen, CEO of Dynamics Inc. “We are humbled to work with IndusInd Bank on delivering such a revolutionary payment experience to the market.”

The Consumer Technology Association (CTA) recognized IndusInd Bank and Dynamics with four CES Innovation awards including the Best of Innovation Award for Security and honoree awards for Computers, Embedded Technologies, and Technologies for a Better World. This marks the first time in history an Indian Bank has been awarded the consumer electronics industry’s most prestigious award.