Waterfield Advisors, a wealth management platform founded by former banker Soumya Rajan, has raised $18 million in a funding round led by Jungle Ventures, the company announced on February 20.
In December last year, Moneycontrol exclusively reported that the firm was in talks to raise Rs 85-130 crore (around $10-15 million) from a clutch of investors, including Jungle Ventures and other high net-worth individuals (HNIs).
The company will use the fresh capital to expand its presence across key financial hubs, and deepen the client engagement across various segments within India’s affluent demographic, it said.
The deal comprised of both primary and secondary transactions, with a primary infusion of $15 million. Ernst & Young LLP (EY) acted as the exclusive advisor to the transaction.
"Beyond business families, this fundraise enables us to extend our proposition to a broader audience of founders, professionals and women, while also expanding our presence into India’s tier-2 and tier-3 cities and to key markets overseas catering to the Global Indian," said Soumya Rajan, founder and CEO of Waterfield Advisors.
Waterfield's new round comes 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.
"Independent, conflict-free wealth advisory is more important than ever. Waterfield’s leadership in this space positions them uniquely for the next phase of growth, and we are thrilled to back their vision," said Arpit Beri, Partner, India Investments at Jungle Ventures.
Founded by Rajan in 2011, Waterfield also competes with large traditional companies such as IIFL Wealth (360 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.
Wakefield's current investment round marks its largest one to date. The Mumbai-based company, which now advises on over $5 billion in assets, 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.
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