Wealth First to acquire Mumbai-based WFAPL for ₹102 crore

Wealth First Portfolio Managers, a listed independent financial advisor (IFA) practice, on Wednesday announced the acquisition of Mumbai-based Wealth First Advisors Pvt. Ltd. (WFAPL) in a deal valued at ₹102.15 crore.

The deal is part of the company’s strategy to strengthen its presence in the country's largest wealth management market.

The acquisition will take the combined assets under management (AUM) of the two entities to nearly ₹9,000 crore. The combined entity has set a five-year target of doubling its AUM to around ₹20,000 crore while establishing itself as one of India's leading independent wealth and asset management firms.

Under the transaction, Wealth First will initially acquire a 51% stake in WFAPL through a combination of internal accruals and a share swap upon execution of the definitive transaction documents. The remaining 49% stake will be acquired at a later date based on WFAPL's valuation as of March 31, 2029, with the consideration proposed to be settled entirely through a share swap.

Ashish Shah, Chairman and Managing Director of Wealth First Portfolio Managers, said the deal represents another milestone in the company's transformation into a broader financial services institution.

“Together, these mark Wealth First’s steady evolution into a broader financial services institution. This takes our combined platform to close to ₹9,000 crore, and over the next five years we intend to double that to around ₹20,000 crore and rank among India’s leading independent wealth and asset management firms. But our ambition isn’t simply to be larger — it is to build an institution that endures,” he said.

Acquisition to strengthen the firm's presence in Mumbai

The company said the acquisition significantly strengthens its presence in Maharashtra, which accounts for nearly 40% of India's mutual fund industry, while expanding its footprint beyond its traditional western India markets.

The transaction comes months after Wealth First entered the asset management business by sponsoring Lakshya Asset Management. The company said the latest acquisition complements that initiative by expanding its advisory and distribution capabilities, further strengthening its position across the financial services value chain.

According to the company, the acquisition aligns with its long-term strategy of combining organic growth with entrepreneurial partnerships to expand geographically and diversify service offerings.

Wealth First noted that India's wealth management industry is witnessing strong structural growth, supported by increasing financialisation of household savings, rising participation in capital markets and growing demand from affluent and high-net-worth investors.

Citing a PwC report, the company said India's asset and wealth management industry is projected to nearly double to $1.7 trillion by 2030, driven by expanding investor participation and one of the world's largest intergenerational wealth transfers.

Headquartered in Ahmedabad, Wealth First has been operating for more than three decades and offers services across wealth management, distribution and asset management. The company said its expansion into Mumbai through the acquisition of WFAPL follows its earlier growth into markets such as Pune and Surat, as it continues to build a nationwide financial services franchise.