Late Rakesh Jhunjhunwala-backed financial services company Equirus Group on Friday announced Rs 125 crore investment by the private equity firm Amicus Capital and a group of other investors in a mix of primary and secondary investments. The deal marks the third equity infusion by Amicus Capital in the company following Federal Bank’s equity investment in 2018.
Equirus said the investment enables a partial exit for Federal Bank and some individual shareholders, making way for Amicus Capital and new investors, including Kishor Patil, Dr. Ajai Kumar, N. Sivaraman, Yagnesh Dosshi, Krishna Jha, Anand Archak, Abhishek Goyal, Badri Mohapatra, Shankar Valiya, Deepak Singhal, and others.
The capital will help the company in capital expansion, technology investments, strategic guidance, access to new networks, talent acquisition, operational improvements, and risk management.
Federal Bank, however, will remain a shareholder in the company.
Speaking on the investment, Ajay Garg, Managing Director, Equirus Group said, “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.”
Equirus Group offers investment banking, institutional securities, wealth management, portfolio management, HNI broking and insurance solutions. According to the company, it has completed more than 285 transactions across M&A, PE, IPOs, QIPs, rights issues, and structured finance, raising $12 billion in the process across sectors over the last 17 years.
“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. We are confident that, together with Federal Bank, we can help Equirus achieve its full potential” said Mahesh Parasuraman, Partner & Co-Founder, Amicus Capital Partners.
Amicus is a growth capital fund with assets under management of $280 million across two funds. The fund invests in financial services, consumer, healthcare, technology & business services, and specialty manufacturing segments.