Arpwood rebrands to Vixar, grabs NBFC control with family office

Source: vccircle.com

TL;DR

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

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)