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.

Read more: Govt to sell up to 6% stake in Hindustan Copper via OFS; floor price at 10% discount
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.

New Delhi: The renewable energy ministry has advised implementing agencies and state governments to consider developers’ requests to extend project completion deadlines for renewable power projects delayed by disruptions arising from the West Asia situation by up to four months.

This is in line with the department of expenditure’s note saying disruptions directly or consequentially affecting contractual obligations could qualify as force majeure. For contracts where obligations were due for completion on or after February 28, 2026, the agencies such as NTPC, NHPC, SJVN, and Solar Energy Corporation may allow extensions by up to four months without imposing costs or penalties on contractors.

However, the relief will apply only where the contractor was not already in default as of February 27, 2026.

The force majeure provision will cover only delays directly attributable to disruptions caused by the West Asia situation and will not absolve parties of other contractual non-performance.

Read more: Sebi introduces IT Resilience Index for market infrastructure institutions: Here’s what you need to know

The move comes as renewable energy projects face potential disruptions to the execution of contracts for goods, services and construction.
The renewable energy ministry has asked implementing agencies and state authorities to take the finance ministry’s April 29 order into account while deciding requests for extensions.

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Several former Jersey Mike’s executives and franchisees are reuniting at Dog Haus, betting the lessons they learned helping build the submarine sandwich giant can turn the fast-casual restaurant chain into a national powerhouse.

Dog Haus recently named former Jersey Mike’s chief innovation officer James Field as chief marketing officer. He joins President and Chief Development Officer Chris Rigassio and Chief Operating Officer Garen Khodaverdian, both former Jersey Mike’s franchisees.

The reunion follows Blackstone’s January 2025 acquisition of a majority stake in Jersey Mike’s in a deal valued at roughly $8 billion, according to SEC filings. 

Field told FOX Business that the group could have pursued separate opportunities following the sale, but saw a chance to stay together and help scale Dog Haus, which currently operates roughly 60 locations.

POPULAR BEER BRAND TO CUT 220 JOBS AS PRODUCTION SHIFTS

“We all could have gone off and done different things individually after the sale of Jersey Mike’s,” Field said. “… I think we just thought if we stay together, it’s a one plus one equals three scenarios.”

Field added: “When you’ve been in the trenches with people through that type of brand growth that you saw at Jersey Mike’s, you say, ‘My gosh, let’s run it back.’”

Dog Haus CEO Michael Montagano said the company is “laser focused” on growing from roughly 60 restaurants to 300, with a $1 billion valuation serving as its “North Star.”

“One major step in that success is building a team that is capable of executing to this level of scale,” Montagano told FOX Business.

He said Jersey Mike’s grew systematically while maintaining strong relationships with franchisees and delivering a consistent customer experience — a model Dog Haus hopes to follow as it enters new markets.

“Ultimately, that was done very responsibly and yielded a fantastic result,” Montagano said.

PIZZA HUT MAKES SURPRISING CHANGE TO ICONIC NAME AHEAD OF NFL SEASON

Founded in Pasadena, California, in 2010, Dog Haus serves hot dogs, sausages, burgers, chicken and breakfast burritos. The chain opened its first permanent international restaurant in Mérida, Mexico, in June.

Field said Dog Haus’ founders, food and early investments in delivery and digital ordering helped convince the former Jersey Mike’s leaders that the brand was ready for a larger growth push.

“When you look at the assets that it has, it’s primed for success,” Field said. “… When you look at what Dog Haus has been through over the last 15 years — different economic cycles, different crazes and fads and trends in the industry — not only has it survived, but it’s thrived.”

Ticker	Security	Last	Change	Change %
BX	BLACKSTONE INC.	143.64	+0.26	+0.18%
JMKE	JERSEY MIKES SUBS INC	23.53	-0.33	-1.38%

The company is now building the infrastructure it believes it will need before accelerating expansion.

Dog Haus plans to divide the country into 15 regions overseen by area directors responsible for maintaining quality and guiding local growth. The company is also building its corporate infrastructure before accelerating expansion.

PIZZA HUT MAKES SURPRISING CHANGE TO ICONIC NAME AHEAD OF NFL SEASON

“We’re thinking ahead and making sure that we have the right pieces in place in order to meet that demand that we’re already seeing at scale,” he said.

CLICK HERE TO GET FOX BUSINESS ON THE GO

Montagano said having executives who understand both the corporate and franchisee sides of the business gives Dog Haus an advantage as it pursues its expansion target.

“We believe that going 60 to 300 over the next few years is really a layup,” Montagano said. “It’s really about what we can do beyond that.”

Mumbai: Systematic investment plans (SIPs) have grown steadily over the past five years as more investors have entered mutual funds and increased their exposure to equities.

The number of unique mutual fund investors rose from 2.3 crore in March 2021 to 6.14 crore in March 2026, according to the AMFI-Crisil Intelligence report. Over the same period, SIP assets under management (AUM) more than tripled to ₹14.83 lakh crore from ₹4.5 lakh crore. SIPs now account for 20.1% of the mutual fund industry’s total AUM, up from 13.5% five years ago.

Equity funds continue to dominate SIP investments, accounting for 87% of total SIP AUM, a share that has remained broadly stable over the past five years. Equity SIP AUM increased to ₹12.85 lakh crore from ₹3.46 lakh crore during this period.

Read more: Portfolios need better solutions to existing problems, not more products says Radhika Gupta

Other categories have also seen an increase. Hybrid SIP AUM rose to ₹1.11 lakh crore from ₹0.33 lakh crore, while passive SIP AUM increased to ₹0.46 lakh crore from just ₹0.03 lakh crore.

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