Wealth-tech firm Veriqus Group raises ₹387 crore in funding round led by Norwest Venture
Veriqus intends to build a strong presence across Tier II and other high-growth cities as wealth is now being built well beyond the metros.
Mumbai: Veriqus Group, an integrated wealth and asset management platform serving high net worth individuals, family offices, entrepreneurs and institutions, has raised about ₹387 crore in a funding round led by Norwest Venture Partners, the company said in a statement on Monday.
“India's wealth management industry is at an inflection point, driven by rapid wealth creation beyond the major metros, increasing financialization of savings, and growing demand for holistic, high-quality advice,” said Nikhil Kookada, principal, Norwest. “The next generation of wealth market leaders will combine deep advisory expertise with technology-enabled execution and a truly integrated platform.”
The firm was founded by Ashish Gumashta, former chairman and chief executive officer of Julius Baer India, and Roshi Jain, former senior fund manager at HDFC Asset Management. It aims to establish itself as a technology and AI-enabled platform that combines deep advisory relationships with modern capabilities across portfolio analytics, risk monitoring, client reporting and decision support.
The announcement comes when India’s wealth ecosystem is evolving and platforms like Veriqus seek to provide a holistic view of how wealth is advised, managed and preserved for the next generation of India's wealth creators.
Beyond metros
“India is in the middle of the largest wealth-creation cycle in its history, and much of that wealth is now being built well beyond the metros, by first-generation entrepreneurs and business families,” Veriqus co-founder Gumashta said. “Veriqus intends to build a strong presence across Tier II and other high-growth cities, bringing institutional-quality advice and sophisticated investment solutions closer to entrepreneurs, business owners and multi-generational families."
Veriqus’ asset management platform will leverage real-economy intelligence, fundamental research and disciplined investing to help investors build long-term conviction. The business advisory and lending verticals will provide clients with strategic capital solutions to support growth, acquisitions and liquidity needs, the company said.
“At Veriqus, our asset management philosophy combines rigorous fundamental research with a long-term investment approach as we strive to deliver superior risk-adjusted returns to our clients and compound wealth for them consistently,” co-founder Jain added.
Source: Livemint — Companies
