TVS Capital’s chairman Gopal Srinivasan and financial services industry veteran Narayan Seshadri have picked a majority stake in International Money Matters Pvt. Ltd (IMMPL), a Securities and Exchange Board of India (SEBI)-registered financial planning and investment adviser with assets under management of around Rs 850 crore.
Seshadri, chairman of Tranzmute Capital & Management, and Anand Sudarshan, former vice-chairman and managing director of Manipal Global, and others have picked 52% stake in the company, Business Standard reported. The current investment is less than Rs 10 crore, but over time, as the company scales up, the duo plans to invest Rs 25-30 crore in the business, Mint reported citing Srinivasan, who has also invested in other fintech companies such as payment services firm Mswipe and EzeTap.
Email queries sent to Srinivasan and Seshadri did not elicit a response till publishing this report.
Early this month, Seshadri along with Sanjay Nayar, chief executive of KKR India, and Vikram Sud, former head of operations and technology at Citibank, invested Rs 100 crore in FlexiLoans.
Founded by Lovaii Navlakhi in 2001, International Money Matters offers wealth management to clients who has Rs 1-10 crore of financial assets. The wealth management firm focuses on building a technology platform to scale up its service offerings to clients, while also reducing the costs of the service, the reports said citing Srinivasan.
“Our idea is to find similar opportunities in south and west India and make similar acquisitions to build out fintech driven platforms. Pune, Chennai, Hyderabad, Baroda, Coimbatore and Vijayawada are ideal markets, where the professional community having larger investable financial assets is growing. Over time, IMMPL plans to grow to 1,000-2,000 clients with AUM of Rs10,000 crore to Rs15,000 crore,” said Srinivasan.
Going forward, the company would look at M&As in south and western markets for both customer acquisition and market expansion, the report by Business Standard said.
The company has 50 employees across Bangalore, Mumbai and Delhi advising over 500 clients from across India and the world including the US, the UK, Middle East and Southeast Asia, according to its website.
Like this interview? Sign up for our daily newsletter to get our top reports.
Leave Your Comment
2 years ago
Home-grown private equity firm TVS Capital has appointed Prasad Gadkari as...
6 months ago
Homegrown private equity firm TVS Capital Funds Ltd, which raised its first two...
2 years ago
Several veterans from the financial services space including Sanjay Nayar, chief...