Wealth management platform Waterfield Advisors in talks to raise Rs 130 crore

Back in 2018, there were just 45 family offices but that number has grown about 7X to nearly 300 in 2024, as per data from consultancy major PwC.

Waterfield Advisors, a wealth management platform founded by former banker Soumya Rajan, is in talks to raise Rs 85-130 crore (around $10-15 million) from a clutch of investors, people aware of the developments told Moneycontrol.

Singapore-based Jungle Ventures, Family offices (FO) and other high net-worth individuals (HNIs) are likely to participate in the round. “The company is looking to expand its bouquet of offerings and is hence looking for money,” one of the persons cited above told Moneycontrol.

“The talks with Jungle Ventures are in advanced stages and will likely materialise over the coming weeks. Waterfield is commanding a valuation of about $80-100 million (Rs 680-850 crore) during the ongoing round,” the person added.

Waterfield is negotiating a new round months after its close rival, Dezerv, raised Rs 265 crore or around $32 million from Premji Invest and existing investors like Elevation Capital and Matrix Partners, as several of wealth management companies look to expand operations and tap a growing customer base in a booming market.

India’s wealth management industry records a compound annual growth rate (CAGR) of 13-15 percent with the total assets under management (AUM) is projected to touch $1.5-1.6 trillion, several industry estimates show.

Jungle Ventures and Waterfield Advisors did not reply to Moneycontrol’s queries. Talks are still underway, so the deal contours may change slightly.

The company is also stitching together a new round at a time when an increasing number of HNIs are setting up their own family offices and participating more actively in deals. Back in 2018, there were just 45 family offices but that number has grown about 7X to nearly 300 in 2024, as per data from consultancy major PwC.

An increasing number of family offices, at a time when it is flush with funds, essentially means Waterfield will have more customers to target as family office advisory is one of the company’s key services. Apart from that, it also offers personal wealth management, succession planning, governance and philanthropy.

Founded by Rajan in 2011, Waterfield also competes with large traditional companies such as IIFL Wealth (36o One), Kotak Wealth, and Motilal Oswal. Rajan, a veteran banker with over 30 years of experience in financial markets, spent 16 years at Standard Chartered where she served as the managing director and head of the bank’s private banking division in India.

If the deal goes through, it will be the largest one for the Mumbai-based company which has so far raised a total of around $15 million, as per Tracxn, a private markets data provider. TVS Capital Funds, Zephyr Management, Vernalis Capital, Gaja Capital, Dalmia Trust are among the company’s prominent backers.