Nexedge Capital raises $20 million to expand wealth management platform

Wealth management firm Nexedge Capital has secured $20 million in its inaugural funding round, led jointly by Mirae Asset Venture Investment and Elev8 Venture Partners. The platform, which provides bespoke financial services to India's high-net-worth individuals (HNIs), ultra-high-net-worth individuals (UHNIs), families, and corporations, intends to utilize the capital to enhance its technology infrastructure, broaden its network of senior bankers, and expand its presence in India.

Additional funds will be allocated towards developing supplementary offerings like a dedicated Non-Resident Indian (NRI) proposition and an NBFC business. Anirudha Taparia, founder of Nexedge Capital, emphasized that this maiden raise represents a significant milestone in the company's journey, enabling it to expedite banker onboarding, deepen distribution across the country, and extend its conflict-free Net Worth advisory to more families.

Nexedge Capital, established by former 360 ONE Wealth executives Taparia, Sidhartha Shaw, Vijeeta Sharma, and Pankaj Walia, has already achieved remarkable growth within a short span of its operations, amassing $3 billion in assets under management (AUM) and $5 billion in assets under administration. Over the past eighteen months, the company has expanded its clientele to over 1,300 families, established a presence in 12 locations, and grown its workforce to over 95 employees and bankers.

Elev8 Venture Partners' managing partner, Navin Honagudi, highlighted the immense potential of India's HNI and UHNI wealth pool, which is entering a multi-decade compounding cycle. He also commended Nexedge for its structural clarity, the depth of its founding team, and its ability to build client trust at a pace unmatched by few platforms in the sector.

The segment of wealth management services catering to UHNIs is emerging as a niche within the Indian fintech ecosystem. Besides Mirae Asset Venture Investment and Elev8 Venture Partners, other startups like CREST have recently entered the market. Notably, Ujjwal Jain, the former CEO of Share.Market, has recently ventured into the wealth management segment with the launch of an AI platform, Atyx .AI.

The Indian wealth management market is projected to surpass $436 billion by 2034, with the HNI segment playing a pivotal role. According to a UBS Global Wealth report, the number of Indian millionaires is expected to double from 9 lakh to 18 lakh by 2030.