Wealth-tech firm Veriqus Group has raised approximately ₹387 crore in a funding round led by Norwest Venture Partners, according to a company statement released on Monday. The funding aims to enhance Veriqus' integrated wealth and asset management platform, which serves high net worth individuals, family offices, entrepreneurs, and institutions.
Funding Details
Nikhil Kookada, a principal at Norwest, highlighted that India's wealth management industry is experiencing significant growth, driven by increased wealth creation outside major metropolitan areas and a rising demand for comprehensive financial advice. He stated,
The next generation of wealth market leaders will combine deep advisory expertise with technology-enabled execution and a truly integrated platform.
Veriqus was co-founded by Ashish Gumashta, the former chairman and CEO of Julius Baer India, and Roshi Jain, a former senior fund manager at HDFC Asset Management. The firm aims to leverage technology and artificial intelligence to provide enhanced advisory services, portfolio analytics, risk monitoring, and client reporting.
Market Context
The announcement comes at a time when India's wealth ecosystem is evolving, with platforms like Veriqus seeking to offer a holistic approach to wealth management. Gumashta noted,
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 plans to expand its presence in Tier II and other high-growth cities, aiming to deliver institutional-quality advice and sophisticated investment solutions to a broader audience. The firm's asset management platform will utilize real-economy intelligence and disciplined investing to help clients build long-term conviction.
The funding could enhance Veriqus' competitive positioning in the wealth management sector, potentially impacting firms focused on high net worth individuals and family offices. Increased investment in technology may lead to better service offerings and client retention in the wealth management industry. Investors will watch for the firm's upcoming strategic initiatives and technology rollouts following this funding round.