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India's wealthy are getting wealthier. And startups want a bigger slice of that opportunity. Wealthtech startup Veriqus Group has raised ₹387 crore in a funding round led by global venture capital firm Norwest.
It helps high-net-worth individuals, family offices and institutions with everything from wealth management and investments to business advisory and lending.
The startup already works with more than 500 wealth creators, who together manage assets worth over ₹1.2 lakh crore.
With the fresh funding, Veriqus plans to expand into Tier-II and other fast-growing cities. It also wants to strengthen its technology by using AI to analyse portfolios, monitor risks, improve client reports and make better investment decisions.
Big theme: India's wealth management industry is on the brink of a massive expansion.
Today, wealth managers oversee around $680 billion in assets. But by FY29, Indians could be looking to invest nearly $2.3 trillion. That's a huge gap and exactly why investors are pouring money into wealthtech startups.
According to Deloitte, this represents a $1.6 trillion opportunity for wealth management firms over the next five years. The growth is expected to be driven by rising incomes, increasing financial wealth and changing investment habits.
There's another interesting trend.
A large portion of wealth is still managed informally or by individuals themselves instead of professional advisors. As more affluent households seek expert help to grow and protect their money, both established firms and new-age wealthtech startups like Veriqus stand to benefit.
