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Wealthtech startup Veriqus Group has raised ₹387 Cr (about $40.1 Mn) in a funding round led by global VC firm Norwest.

The funding will help the recently incorporated fintech startup to build its integrated wealth and asset management platform from the ground up, with tech and AI at its core.

This marks the second investment announcement to come from the global VC firm today. Earlier in the day, Norwest also led a separate$40 Mn funding round in Hyderabad-based aerospace and defence manufacturer Raghu Vamsi Aerospace Group, alongside Skegen Asset Management.

Founded in 2026 by former Julius Baer India chairman and CEO Ashish Gumashta and HDFC AMC senior fund manager Roshi Jain, Veriqus serves high-net-worth individuals (HNIs), family offices, entrepreneurs and institutions. 

The wealthtech startup plans to offer wealth management, asset management, business advisory and lending services on a single platform. It also plans to expand into Tier-II and other fast-growing cities.

Gumashta has spent more than three decades in the wealth management space  and earlier helped establish DSP Merrill Lynch’s wealth management business in India. While Jain, who will lead Veriqus’ asset management arm, previously managed more than ₹1.35 Lakh Cr across the HDFC Flexi Cap Fund, HDFC Focused 30 Fund and HDFC Tax Saver Fund as of November 2025.

The new startup plans to use AI to sharpen portfolio analysis, monitor risk and improve client reporting and investment decisions.

Its asset management arm will rely on fundamental research and offer long-term investing solutions to investors, while its advisory and lending businesses will provide capital for expansion, acquisitions and liquidity needs.

The firm will follow an open-architecture model, allowing clients to choose from a wider range of investment products rather than being limited to those offered in-house.

“Veriqus intends to build a strong presence across Tier II and other high-growth cities, bringing institutional-quality advice and sophisticated investment solutions closer to entrepreneurs, business owners and multi-generational families,” Gumashta said.

Jain said the startup’s investment philosophy would combine fundamental research, prudent risk-taking and a long-term approach to deliver superior risk-adjusted returns.

India’s wealth management industry is expanding as rising incomes, entrepreneurship and the growing financialisation of savings increase the pool of affluent investors. The country’s asset management market is projected to grow from $2.7 Tn in 2026 to $5.82 Tn by 2031.

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