Acquisition strengthens presence in Mumbai and takes combined assets under management close to ₹9,000 crore
Ahmedabad, 02 July 2026: Ahmedabad-headquartered Wealth First Portfolio Managers Limited (NSE/BSE: WEALTH), India’s first listed Independent Financial Advisor (IFA) practice, today announced the 100% acquisition of Mumbai-based Wealth First Advisors Pvt. Ltd. (WFAPL), a wealth management and distribution firm, at an equity valuation of ₹102.15 crore.
The acquisition marks a significant milestone in Wealth First’s journey from a Gujarat-born wealth management firm to a growing national financial services institution. The transaction will significantly strengthen the company’s presence in Mumbai, India’s largest wealth management market, and take the combined assets under management of the group to nearly ₹9,000 crore.
The acquisition follows Wealth First’s strategic entry into asset management earlier this year through its sponsorship of Lakshya Asset Management. While that initiative expanded the firm’s asset management capabilities, the acquisition of WFAPL strengthens its advisory and distribution platform.
Under the agreement, Wealth First will initially acquire a 51% stake in WFAPL through a combination of internal accruals and a share swap upon execution of the requisite transaction documents. The remaining 49% stake will be acquired at a future date based on WFAPL’s valuation as of March 31, 2029, and is proposed to be settled entirely through a share swap.
Maharashtra accounts for nearly 40% of India’s mutual fund industry assets, making Mumbai one of the country’s most important wealth management hubs. The acquisition provides Wealth First with a stronger presence in this key market while expanding its national reach.
The combined organisation has set a clear five-year objective of growing assets under management to approximately ₹20,000 crore and establishing itself among India’s leading independent wealth and asset management firms. For over three decades, Wealth First has built its business through a combination of organic growth and entrepreneurial partnerships. The company’s expansion from Ahmedabad to multiple markets, including Pune, Surat and now Mumbai, reflects its long-term vision of building a trusted, advice-led national financial services institution.
Commenting on the acquisition, Ashish Shah, Chairman & Managing Director, Wealth First Portfolio Managers Limited, said: “Every milestone in our journey has started with people. We didn’t go looking for a Mumbai office — we found a team whose values and commitment to client advice mirrored our own. Earlier this year, we entered asset management; today, we are strengthening our advisory franchise. Together, these developments reflect Wealth First’s steady evolution into a broader financial services institution. This acquisition takes our combined platform close to ₹9,000 crore in assets under management, and over the next five years we aim to double that to around ₹20,000 crore while building one of India’s leading independent wealth and asset management firms.”
Together, these initiatives broaden Wealth First’s presence across the financial services value chain.
India’s wealth management industry is witnessing rapid growth. According to industry estimates, the country’s asset and wealth management sector is expected to nearly double to US$1.7 trillion by 2030 driven by increasing financialisation of household savings, rising participation in capital markets, growth in affluent and high-net-worth investors, and significant intergenerational wealth transfer.
About Wealth First Portfolio Managers Limited
Wealth First Portfolio Managers Limited (NSE/BSE: WEALTH) is India’s first listed IFA practice. Headquartered in Ahmedabad, the firm has built its business over more than three decades through advice-led client relationships, combining organic growth with carefully chosen entrepreneurial partnerships. Today, the firm offers capabilities spanning wealth management, distribution and asset management, and is steadily evolving into an integrated financial services institution with the ambition of becoming one of India’s leading independent financial services firms.