Wealthtech startup Veriqus just secured ₹387 crore in a funding round led by Norwest. The cheque is a direct bet on two industry veterans — former Julius Baer CEO Ashish Gumashta and ex-HDFC AMC fund manager Roshi Jain — building a full-stack AI-led platform. They're chasing the growing HNI and family office market, promising to overhaul how wealth is managed.
How We Got Here
Ashish Gumashta brings over three decades of wealth management experience, including establishing DSP Merrill Lynch’s business in India. Roshi Jain, his co-founder, previously managed ₹1.35 Lakh Cr across major HDFC AMC funds.
The Numbers
- Norwest led this round, marking their second $40 Mn+ investment announcement that day, including Raghu Vamsi Aerospace.
- Veriqus will offer wealth management, asset management, business advisory, and lending services on a single platform.
- The startup plans to integrate AI to sharpen portfolio analysis, monitor risk, and improve investment decisions.
- They will follow an open-architecture model, allowing clients to choose from a wider range of investment products.
- Expansion plans include Tier-II and other fast-growing cities, not just metro hubs.
What Happens Next
🇮🇳 Why This Matters for India
For entrepreneurs and affluent investors in Hyderabad and Pune, this offers a new, tech-first option for managing increasing personal and business wealth.
The Take
Gumashta and Jain are leveraging decades of industry credibility, not just capital, to build a formidable challenger to established private wealth firms. This is a direct play for the next generation of HNI wealth, especially outside the traditional metro hubs.
Source:
Inc42 ↗