According to reports from Mint and The Hindu BusinessLine, Veriqus Group, an integrated wealth and asset management platform serving high net worth individuals, family offices, entrepreneurs and institutions, has raised approximately ₹387 crore in a funding round led by Norwest Venture Partners. The announcement was made in a company statement on Monday, marking a significant investment in India's wealth management sector. Norwest Venture Partners is a global venture and growth equity investment firm managing over $15.5 billion in capital, as reported by The Hindu BusinessLine.
As reported by Mint and The Hindu BusinessLine, Nikhil Kookada, principal at Norwest Venture Partners, stated that India's wealth management industry is at an inflection point, driven by rapid wealth creation beyond 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, according to Kookada. The Hindu BusinessLine reports that Norwest's backing allows the company to build the platform ground-up, embedding technology and AI at the core.
According to Mint and The Hindu BusinessLine, the firm was founded by Ashish Gumashta, former chairman and CEO of Julius Baer India, and Roshi Jain, former senior fund manager at HDFC Asset Management Company. Gumashta brings over three decades of experience in wealth management, having played a pivotal role in establishing DSP Merrill Lynch's wealth management business in India, before leading Julius Baer India. Jain, who will head Veriqus' asset management arm, has previously managed over ₹1.35 lakh crore in assets across three flagship funds at HDFC AMC, including its flexi cap fund. The platform 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.
As reported by Mint and The Hindu BusinessLine, Veriqus co-founder Gumashta emphasized that India is in the middle of the largest wealth-creation cycle in its history, with much of that wealth being built well beyond metros by first-generation entrepreneurs and business families. 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. Gumashta noted that the firm aims to be a genuine partner for these clients who deserve quality service.
According to Mint and The Hindu BusinessLine, 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. Co-founder Roshi Jain added that Veriqus' asset management philosophy combines rigorous fundamental research with a long-term investment approach to deliver superior risk-adjusted returns and compound wealth consistently for clients. As reported by The Hindu BusinessLine, Jain emphasized that the journey to create an integrated wealth and asset management platform is premised on the conviction that enduring wealth is built through discipline and prudent risk-taking.
