India-based wealthtech platform Nivesh has acquired compatriot Wealthzi, a digital wealth management services provider, for about Rs90m ($1.067m).
Founded in 2020 and operated by Lime Internet, Wealthzi was established by former VCCircle founder PV Sahad and wealth management professional Pradeep Pillai.
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Wealthzi manages assets of high-net-worth individuals (HNIs), ultra HNIs, and family offices worth over Rs500bn across mutual funds, gold, bonds, among others.
With the acquisition Nivesh intends to offer investment advisory services leveraging Wealthzi’s registered investment advisory (RIA) licence.
Nivesh founder and CEO Anurag Garg was quoted by The Financial Express as saying: “We are excited to complete the acquisition of Wealthzi, enabling us to expand our product offerings and target both Affluent and HNI segments, which offer huge potential in managing their wealth. We expect to scale rapidly and emerge as one of the leading players in the industry.”
Prior to the acquisition, Wealthzi managed assets worth around $66.7m across mutual funds, portfolio management services, alternative investment funds, bonds, and other financial instruments.
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By GlobalDataGarg was cited by Economic Times (ET) as saying that key employees from Wealthzi will be integrated into the Nivesh team. The Wealthzi brand will continue to operate within the portfolio of Nivesh.
In the next three years, Nivesh plans to have Rs100bn worth of assets under management (AUM), Garg noted.
Nivesh, established in 2016 by Anurag Garg and Sridhar Srinivasan, offers services in mutual funds, insurance products, fixed deposits, and other financial products.
With the acquisition of Wealthzi, the combined entity is expected to manage assets totalling around $333.3m.
This move is likely to strengthen Nivesh’s position in the wealth management sector.
Sahad was quoted by ET as saying: “Combining Wealthzi’s direct-to-consumer wealth service with Nivesh’s distribution platform will help create a formidable wealth alliance to cater to India’s fast-growing investor base.”
