PE Fund Investments
Westbridge acquires majority stake in fintech firm FundsIndia
Private Equity investor Westbridge has picked a majority stake in Chennai-headquartered Wealth India Financial Services, which operates a digital investment platform under the brand FundsIndia. Manish Gadhvi has joined Fundsindia as chief executive officer of the B2B partner business. Prior to this, Manish was associated with NJ India for over 20 years. FundsIndia had an AUM of over INR 8,600 crore as on March 2022. Under the new ownership, the company will expand its B2B business by increasing the number of branch offices to extend support to distribution partners.
From the Venture Intelligence PE-VC Deal Database: Between Jul-10 and Jun-15, FundsIndia had raised over USD 15-M from Inventus Capital Partners (now, Athera Venture Partners), Foundation Capital, Faering Capital and others. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.) In Mar-23, Westbridge had picked up a controlling stake in another Chennai-based company, the fruits and vegetables retailer Kovai Pazhamudir Nilayam (KPN Farm Fresh). From the Venture Intelligence Private Company Financials Database: For FY22, FundsIndia had reported INR 67.43 Cr in Operating Income and INR 15.3 Cr in PAT. (Subscribers to the database can login to view the detailed financials.)
Want to receive such news items in your inbox? Click Here to sign up for a trial.
