Date: 1st July, 2026

Transaction Overview

Wealth First Portfolio Managers Limited announced the acquisition of controlling interest in Wealth First Advisors Pvt. Ltd. (WFAPL), a Mumbai-based wealth management and distribution firm. The acquisition is made at an equity valuation of ₹102.15 crore.

Transaction Structure

  • Wealth First will first acquire a 51% stake in WFAPL through a combination of internal accruals and a share swap
  • The remaining 49% will be acquired at a future date based on WFAPL's valuation as on March 31, 2029
  • The remaining 49% stake acquisition is proposed to be settled entirely through a share swap

Strategic Impact and Scale

  • The acquisition significantly strengthens Wealth First's presence in India's largest wealth management market (Mumbai)
  • Takes the combined business to nearly ₹9,000 crore in assets under management
  • Marks Wealth First's evolution from a western India focused practice into a national financial services institution
  • Strengthens position in Maharashtra, which accounts for nearly 40% of India's mutual fund industry
  • Follows Wealth First's strategic entry into asset management earlier this year through its sponsorship of Lakshya Asset Management

Growth Objectives

  • Combined organization has set a five-year objective to more than double assets under management to approximately ₹20,000 crore
  • Aims to establish itself among India's leading independent wealth and asset management firms

Management Commentary

Ashish Shah, Founder & Managing Director, stated: "Every milestone in our journey has started with people. We didn't go looking for a Mumbai office, we found a team whose values and commitment to advice mirrored our own. Earlier this year we entered asset management; today we are strengthening our advisory franchise. Together, these mark Wealth First's steady evolution into a broader financial services institution."

Industry Context

  • India's asset and wealth management industry is projected to nearly double to US$1.7 trillion by 2030 (per PwC's 2025 Asset and Wealth Management Revolution report)
  • Growth drivers include increasing household financialisation, rising participation in capital markets, rapid growth in affluent and high net-worth investors, and one of the world's largest intergenerational wealth transfers
  • Successful regional advisory firms are increasingly seeking scale, technology and product breadth that larger institutions provide

Advisory Team

  • Aurtus Consulting LLP acted as lead advisors and provided end-to-end assistance throughout the acquisition process
  • Gandhi Law Associates acted as the legal advisors

Company Background

Wealth First Portfolio Managers Limited is India's first listed IFA practice, headquartered in Ahmedabad. The firm has built its business over more than three decades through advice-led client relationships, combining organic growth with carefully chosen entrepreneurial partnerships. The firm offers capabilities spanning wealth management, distribution and asset management.