Veriqus Group has secured about Rs3.87bn ($40.2m) in a financing round led by Norwest Venture Partners.
The company operates in wealth and asset management, serving high net worth individuals, family offices, entrepreneurs and institutional clients.
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It was set up by Ashish Gumashta, previously chairman and chief executive officer of Julius Baer India, and Roshi Jain, formerly a senior fund manager at HDFC Asset Management.
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 is building a technology and AI-based platform that brings together advisory services with tools for portfolio analysis, risk oversight, client reporting and decision-making support.
Its asset management arm will draw on real-economy insights, fundamental research and a disciplined investment approach to assist investors in forming long-term views.
It said its business advisory and lending units will offer capital solutions for expansion, acquisitions and liquidity requirements.
Norwest principal Nikhil Kookada was quoted by LiveMint as saying: “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.
“The next generation of wealth market leaders will combine deep advisory expertise with technology-enabled execution and a truly integrated platform.”
Meanwhile, earlier this month, Indian wealth and asset management firm Neo Group raised about Rs3.5bn ($36.3m) in a fresh funding round led by existing investor Peak XV Partners.
Neo Group’s clients include family offices, ultra-high-net-worth individuals, high-net-worth individuals, institutions and corporates.
