Japanese investment banking firm Daiwa Securities Group Inc. has invested Rs 286 crore (around $31.8 million) in Ambit Wealth Pvt. Ltd, marking its third bet on a company that’s part of the Mumbai-based Ambit Group.
Previously, Daiwa backed Ambit Finvest Pvt. Ltd, as part of a broader capital and business partnership with the financial services group. It had invested Rs 410 crore in Ambit Finvest in March 2024.
In May 2023, Daiwa acquired a minority stake in Ambit Pvt. Ltd, which opened access to its Asia-Pacific network and set up collaboration across institutional equities and equity capital markets.
Ambit Wealth, the wealth management arm of Ambit Group, is led by chief executive officer Amrita Farmahan and serves ultra-high-net-worth individuals and family offices in India. It claims that its assets under management were nearing $10 billion as of March 31, 2025.
“The partnership with Daiwa empowers us to enhance our digital capabilities, expand our bespoke investment architecture, and attract exceptional talent,” said Farmahan.
“With Daiwa’s global pedigree complementing the Ambit ecosystem and as India surges ahead, we are well positioned for the next phase of growth as we support India’s most influential families in shaping their long-term wealth and legacy,” Farmahan added.
Daiwa plans to nominate a representative to the Ambit Wealth board and classify the company as an equity-method affiliate once customary closing conditions and Indian regulatory approvals are secured.
Daiwa has had a multi-year capital and business partnership with Ambit Pvt. Ltd, the parent of Ambit Wealth. The Japanese company sees India as central to its overseas expansion strategy following strong economic growth forecasts.
“India is positioned as a key country in our overseas strategy due to its strong economic growth prospects. We have been developing business in India through our partnership with Ambit Group, and following last year’s investment in Ambit Finvest Private Limited, we are pleased to have the opportunity to invest in Ambit Wealth, which operates a high-growth wealth management business,” said Akihiko Ogino, president and chief executive officer of Daiwa.
“This will further strengthen our collaboration with Ambit Group and expand the scope of our India business,” Ogino added.
*The headline and text of this article have been updated to include details of a previous transaction between Daiwa and Ambit.