Wealth advisory Equirus targetting sustainable growth and not aggressive expansion, says MD Ajay Garg

Ajay Garg, MD, Equirus Group

Mumbai-based wealth and portfolio management services firm Equirus, led by investment banker Ajay Garg, announced its third M&A deal in last 12 months for its wealth business this week, with plans to reach Rs 50,000 crore AUM in two years through organic as well as inorganic route as it deepens presence across India.

As part of the latest transaction, Equirus is merging with Sapient Finserv to create a platform that manages around Rs 35,000 crore worth of assets under management, with a target to grow AUM to Rs 50,000 crore in next 18–24 months.

While inorganic growth has been a significant part of the group’s strategy, Ajay Garg said the approach is measured. “Our focus remains on sustainable growth, not aggressive scaling,” he told Moneycontrol in an interaction after the announcement.

“Every acquisition we’ve undertaken is about long-term alignment, client trust and culture fit - not just adding AUM for optics.”

The merger with Sapient Finserv follows two earlier deals - the acquisitions of Credence Family Office and Raghnall Insurance Broking - completed during the past year, each bolstering a different vertical within the group’s financial services ecosystem.

“Credence strengthened our family-office and ultra-HNI capabilities, Raghnall brought depth in insurance advisory, and Sapient Finserv is transformative - it scales up our AUM, distribution reach, and leadership bench in the wealth vertical,” Garg said.

Unlike the earlier bolt-on acquisitions, the Sapient merger is a full integration of “platforms, people and culture, not just capability,” he said. “It’s central to our goal of becoming a top-tier, independent wealth management institution in India.”

The merger elevates Equirus Wealth into the rank of India’s top ten independent wealth managers, but Garg insists that scale alone is not the goal. “We are building for durability, not headlines,” he added.

The group plans to reach Rs 50,000 crore AUM in two years, relying on organic and inorganic growth levers and deepen presence in existing geographies, expand into Tier-II and III cities, digital onboarding, and new product innovation, including alternate investments and lending solutions.

“Inorganic moves will continue to play a role, but only where there is cultural alignment and shared values,” Garg added. “The temptation in a fast-growing market is to chase AUM at any cost. We’re consciously avoiding that trap.”

India’s wealth management industry is rapidly expanding on financialisation of savings and the rise of new affluent households across smaller cities. Garg said Equirus will tap into this opportunity patiently and sustainably.

“There’s enormous opportunity, but credibility and consistency are what build enduring franchises,” he said. “For us, sustainable growth means scaling responsibly, integrating what we acquire, retaining people, and putting the client at the centre.”

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Sapient Partnership

The merger with Sapient Finserv was structured through an equity swap over cash acquisition, underscoring the intent to build a long-term partnership. “We weren’t just acquiring a business - we were bringing in long-term partners,” Garg said.

“Sapient’s founding team becomes significant shareholders in the combined wealth entity, ensuring alignment and an ownership mindset from both sides,” he said. “The integration has been structured for strategic continuity, not short-term gains.”

Post-merger, Sapient Finserv’s co-founders Amit Bivalkar and Pallav Bagaria will join the board of Equirus Wealth, with Amit driving the strategic direction and business growth while Pallav and the wider founding team taking up leadership roles across client relationships, product strategy and regional expansion.

“Leadership integration has been thoughtfully planned,” Garg said. “The model is collaborative, not hierarchical. We’re combining teams around shared purpose and respect.”

Leveraging Sapient’s regional franchise

Sapient Finserv brings with it a strong regional presence in Maharashtra and the North-east, anchored by a robust SIP-led retail franchise, which Garg said will serve as a foundation for Equirus’s next phase of pan-India expansion.

“Sapient’s SIP-led approach has built a loyal, long-term client base. Under the Equirus umbrella, we’ll expand this retail engine to underpenetrated markets with rising affluence,” he said.

Equirus plans to retain Sapient’s brand equity in its home markets while integrating it for a unified national presence.