New Delhi, Oct. 13 -- Mumbai-based diversified financial services entity Equirus Group has merged with Sapient Finserv Group with the aim to enhance its presence in the wealth management and family office segment.

The equity swap deal will create a combined entity which will be one of India's top 10 independent wealth management platforms, with consolidated assets under management (AUM) of Rs 35,000 crore ($3.9 billion), Equirus said in a press note.

Following the merger, the combined entity will operate under two specialized verticals: Equirus Wealth and Equirus Family Office. As part of the integration, Amit Bivalkar, founder, and Pallav Bagaria, director and co-founder of Sapient Finserv, will join the leadership team and board of Equirus Wealth.

"By joining hands with Equirus, we now gain the scale and resources to complete the suite of offerings and create one of the most holistic wealth platforms in the country," Bivalkar said.

Going ahead, Equirus said it plans to scale its AUM to Rs 50,000 crore by leveraging these two verticals. The entity intends to launch small-cap PMS strategies, venture funds, and long-short funds.

Separately, Equirus Group's recently acquired NBFC licence will enable it to offer tailored lending and financing solutions alongside its wealth management services.

".Building scale with the right culturally aligned team will allow us to invest more and partner our clients and team to become one of the leading wealth platforms," Ajit Deshmukh, managing director, Equirus Group, said.

Advisors on the transaction included Spice Route Legal, Transaction Square, Bhate and Ponkshe, ANRK & Associates, and LegaLogic Consulting.

Founded in 2009, Sapient Finserv serves over 45,000 clients with an AUM exceeding Rs 13,500 crore. Sapient has a strong presence across Maharashtra and Northeast India.

This marks Equirus Group's third M&A transaction in the past 12 months, following its acquisition of broking firm Raghnall Insurance Broking, and Credence Family Office.

Apart from wealth management, Equirus operates an institutional broking business under subsidiary Equirus Securities, and an insurance broking business. Its holding company Equirus Capital houses the investment banking businesses.

Equirus, which raised Rs 125 crore ($14.9 million) last year from private equity firm Amicus Capital and other investors, recorded an around 62% jump in its consolidated revenue to Rs 367 crore in FY25, according to VCCEdge, the data research platform of VCCircle. Consolidated profit more than doubled to Rs 97.6 crore.

Apart from Amicus, the group is backed by marquee investors, including the late Rakesh Jhunjhunwala, and Federal Bank.

Published by HT Digital Content Services with permission from VC Circle.