Arpwood rebrands to Vixar, grabs NBFC control with family office
Source: vccircle.com
TL;DR
- Arpwood Partners rebranded to Vixar and took a controlling stake in IREP Credit Capital, a Mumbai NBFC.[[1]](https://www.linkedin.com/posts/ajay-ramanathan-49a645159_arpwood-partners-rebrands-to-vixar-teams-activity-7404557127861768192-QduW)[[2]](https://anagrampartners.in/archives/news/anagram-partners-advises-vixar-on-the-acquisition-of-a-controlling-stake-in-irep-credit-capital)
- Deal involved a marquee family office as minority investor; IREP lends to MSMEs in tier 3-4 towns of Andhra Pradesh, Telangana, Karnataka.[[1]](https://www.linkedin.com/posts/ajay-ramanathan-49a645159_arpwood-partners-rebrands-to-vixar-teams-activity-7404557127861768192-QduW)[[2]](https://anagrampartners.in/archives/news/anagram-partners-advises-vixar-on-the-acquisition-of-a-controlling-stake-in-irep-credit-capital)
- Signals PE interest in mid-market NBFCs targeting underserved borrowers via hybrid lending models.[[3]](https://www.vccircle.com/arpwoodpartners-rebrands-to-vixar-teams-up-with-family-office-for-nbfc-takeover)
The story at a glance
Private equity firm Arpwood Partners rebranded to Vixar and partnered with an unnamed family office to acquire a controlling stake in IREP Credit Capital Private Limited, a Mumbai-based non-deposit-taking NBFC. The deal was first reported by VCCircle on December 9, 2025, with later confirmation from advisors like Anagram Partners in January 2026. Vixar focuses on control deals in India's mid-market, especially family-owned firms needing ownership transition.[[4]](https://vixar.com/)
Key points
- Vixar (formerly Arpwood Partners) acquired controlling stake in IREP Credit Capital, confirmed by legal advisor Anagram Partners on January 19, 2026.[[2]](https://anagrampartners.in/archives/news/anagram-partners-advises-vixar-on-the-acquisition-of-a-controlling-stake-in-irep-credit-capital)
- Transaction reportedly included a "marquee family office" as minority investor, per VCCircle reporting and journalist Ajay Ramanathan's LinkedIn post.[[1]](https://www.linkedin.com/posts/ajay-ramanathan-49a645159_arpwood-partners-rebrands-to-vixar-teams-activity-7404557127861768192-QduW)
- IREP provides secured business loans to underserved MSMEs in tier 3 and 4 towns of Andhra Pradesh, Telangana, and Karnataka using physical + digital model.[[2]](https://anagrampartners.in/archives/news/anagram-partners-advises-vixar-on-the-acquisition-of-a-controlling-stake-in-irep-credit-capital)
- Axis Capital advised IREP on approx. INR 5 billion fundraise from Vixar, per LinkedIn post; deal signed in May 2025 and closed later.[[5]](https://www.linkedin.com/posts/kushagra-kumar-4a3b6b3_a-little-late-in-posting-this-deal-signed-activity-7411351554118537217-nrso)
- Vixar, a Mumbai PE firm, targets buyouts and shareholder transitions across India, with prior investments like SBFC Finance.[[4]](https://vixar.com/)
Details and context
Vixar describes itself as focused on institution-building in mid-market India, inspired by Vikram Sarabhai, with over 10 years backing family businesses—likely tying to Arpwood's history since around 2015.[[4]](https://vixar.com/) The rebranding aligns with this push into control-oriented deals like IREP, which supports financial inclusion for small borrowers often overlooked by banks.
IREP, registered as an NBFC since 2008, specializes in last-mile credit via secured loans, fitting Vixar's pattern of sector-agnostic but growth-stage bets in financial services (e.g., SBFC).[[6]](https://www.irepglobal.com/) The family office's minority role suggests co-investment to share risk in a ~INR 5 Bn raise amid rising PE activity in MSME lending.
No public details name the family office, though one source hints at Narotam Sekhsaria Family Office; this remains unconfirmed across main reports.[[7]](https://app.mergerlinks.com/transactions/2025-04-02-irep-credit-capital-private-limited/dealmakers)
Key quotes
"VCCircle has gathered" that the deal involves a marquee family office as minority investor. — Ajay Ramanathan, VCCircle, on LinkedIn.[[1]](https://www.linkedin.com/posts/ajay-ramanathan-49a645159_arpwood-partners-rebrands-to-vixar-teams-activity-7404557127861768192-QduW)
Why it matters
PE firms like Vixar entering NBFCs boosts capital for MSME lending in underserved regions, aiding India's financial inclusion push. Investors gain from scaling hybrid lenders like IREP, while founders exit via structured transitions. Watch deal closure filings, family office identity, and IREP's loan book growth amid RBI scrutiny on NBFC risks.[[2]](https://anagrampartners.in/archives/news/anagram-partners-advises-vixar-on-the-acquisition-of-a-controlling-stake-in-irep-credit-capital)