Veriqus Group has raised Rs 387 crore ($40 million) in a funding round led by Norwest Venture Partners and unveiled an integrated wealth and asset management platform, the company said on Monday.
The platform combines wealth management, asset management, business advisory and lending solutions under a single umbrella. The company did not disclose the identities of the other investors in the funding round
Backed by the fresh capital, Veriqus plans to build the platform from the ground up with a strong focus on technology and artificial intelligence. It also aims to expand its presence across tier II and other high-growth cities, targeting entrepreneurs, business owners and multi-generational families.
"We believe the next generation of wealth market leaders will combine deep advisory expertise with technology-enabled execution and a truly integrated platform," said Nikhil Kookada, principal at Norwest.
Veriqus was founded by former Julius Baer India chairman and CEO Ashish Gumashta and former HDFC Asset Management senior fund manager Roshi Jain. It caters to high-net-worth individuals (HNIs), family offices, entrepreneurs and institutions, offering investment opportunities and solutions across asset classes.
Gumashta has over three decades of experience in wealth management. Before leading Julius Baer India, he played a key role in setting up DSP Merrill Lynch’s wealth management business in India. He stepped down as CEO of Julius Baer in 2023.
The company said its asset management business will be driven by real-economy intelligence, fundamental research and disciplined investment approach. Its business advisory and lending verticals will provide strategic capital solutions to support clients’ growth, acquisitions and liquidity requirements.
Jain will lead Veriqus’ asset management business. She previously managed over Rs 1.35 lakh crore in assets across three flagship funds at HDFC AMC, including the HDFC Flexi Cap Fund.
