Norwest Venture Partners (NVP) has officially confirmed a funding round valued at ₹387 crore for Veriqus Partners, the high-profile wealth management and corporate advisory platform. Ashish Gumastha and Roshi Jain, industry veterans, are co-founders of the enterprise. The significant investment of ₹387 crore reflects the rising institutional investor interest in India’s burgeoning private wealth management industry. The capital round also featured several high-profile Indian business families, family offices, and senior corporate executives participating with Norwest to back the new initiative. 

Experienced leadership and investment

The investment by Norwest Venture Partners is one of the highest upfront investments in a newly formed wealth management and corporate advisory firm in the Indian financial services market. The milestone deal reflects the growing appetite for institutionalized, all-encompassing financial management among the ultra-high-net-worth owners, family offices and corporate enablers. 

The capital injection will enable Veriqus to pursue its multi-faceted growth plan from day one, ensuring it’s on par with other well-known industry leaders. Veriqus Partners possesses a team of seasoned leaders in wealth management, fund management, and investment banking. 

Ashish Gumashta, the co-founder, has decades of experience in private banking and wealth management, having previously held roles as Chief Executive Officer and Executive Chairman of Julius Baer India and its predecessor, DSP Merrill Lynch, and Motilal Oswal Financial Services. 

Roshi Jain, one of the fund’s co-founders, has a long record of excellence in asset management and equity capital markets, having served as the head of some of the most successful equity funds at HDFC Mutual Fund and Franklin Templeton. The founding executive team is enriched by the addition of former Bank of America investment banking co-head Debashish Purohit, who leads the firm’s investment banking strategic business advisory division, and Kaushik Sanghvi, a former senior executive at Merrill Lynch and Julius Baer. 

This combined executive track record has been instrumental in landing the initial investment from Norwest Venture Partners and securing significant co-investment capital. The leadership team’s pan-Indian network in corporate and domestic wealth gives the firm the structural backbone of its future growth.

Market expansion and strategic advisory

To cater to the changing and complex needs of Indian promoters, ultra-high-net-worth families, and emerging corporate bodies, Veriqus Partners was established. The platform also brings together conventional wealth management capabilities and expert business advisory functions, delivering a more comprehensive service model that extends beyond the investment product distribution side. 

It provides tailored portfolio management, multi-asset allocation, estate planning and family office advisory services for ultra-high-net-worth clients through its wealth management division. The strategic business advisory division led by Debashish Purohit serves businesses and corporate entities with general strategic needs. 

This business line supports clients in strategic corporate deals, capital structure, private equity syndication, and succession planning. Veriqus combines the core areas of private wealth management with the business support functions of corporate advisory services into a single platform, serving the needs of both the strategic growth needs of the business and the personal wealth management agenda of the business owner.

The proceeds from the Norwest round, which amounts to ₹387 crore, will be deployed in scaling up the company’s infrastructure, recruitment process, and footprint. The bulk of the newly raised funds will be utilized for building custom tech platforms that enhance portfolio management, digital onboarding, and risk analytics services for HNW clients. The firm is still looking for seasoned wealth managers, investment experts, and research professionals from top international financial organizations and regional partners.

The investment will help Veriqus expand its physical presence in major business metropolises in India, such as Mumbai, Delhi National Capital Region, Bengaluru, and others. The firm will also create a specialized family office management group to meet the rising demand from first-generation entrepreneurs and multi-generational business families in India for structured wealth preservation and growth solutions.

Conclusion

Norwest Venture Partners led the investment round in Veriqus, which eventually came to be valued at ₹387 crore. With Ashish Gumashta, Roshi Jain, Debashish Purohit and Kaushik Sanghvi at the helm, Veriqus looks well placed to benefit from the growing sophistication and quick expansion of private wealth in India. The company has significant capital reserves, a clear dual-pillar service offering that encompasses wealth management and business advisory, and strong institutional backing, which it is well positioned to leverage to grow its service to market and consolidate a strong countrywide presence.