Private equity firm Amicus Capital on Friday announced that it has invested Rs 125 crore in Equirus Group, a late Rakesh Jhunjunwala-backed financial services firm, for an undisclosed stake.
The investment is a combination of primary and secondary purchase of sales, a statement said, identifying private sector lender Federal Bank as having taken a partial exit.
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The new investors include Kishor Patil, Ajai Kumar, N Sivaraman, Yagnesh Dosshi, Krishna Jha, Anand Archak, Abhishek Goyal, Badri Mohapatra, Shankar Valiya and Deepak Singhal, it said.
Equirus, which got Jhunjunwala’s backing right at the time of inception, offers investment banking, insurance broking and asset management services.
The money raised will be deployed for capital expansion, technology investments, strategic guidance, access to new networks, talent acquisition, operational improvements, and risk management, the statement said.
“The Equirus platform offers life cycle solutions across the growth and wealth-creation journey of corporates and its stakeholders, and is well positioned to take advantage of the India-growth story,” said Mahesh Parasuraman, partner and co-founder of Amicus Capital Partners.
Federal Bank’s executive director Harsh Dugar hoped the investment would accelerate the company’s growth.
“This partnership will provide us with fresh capital and insights as we pursue our vision of expanding our leadership in investment banking, deepening our presence in wealth and asset management, and leveraging technology for enhanced client outcomes,” Ajay Garg, managing director of Equirus Group, said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Oct 11 2024 | 8:25 PM IST
