Wealth First announces 100% acquisition of WFAPL at ₹102.15 crore equity valuation

The acquisition strengthens Wealth First’s presence in India’s largest wealth management market

by e4m Staff
Published: Jul 1, 2026 2:33 PM | 3 min read

Ashish Shah, Chairman & MD, Wealth First Portfolio Managers Limited

Wealth First Portfolio Managers Limited has fully acquired Mumbai-based Wealth First Advisors Pvt. Ltd (WFAPL) for ₹102.15 crores, enhancing its position in India's wealth management sector.
The acquisition increases Wealth First's total assets under management to nearly ₹9,000 crores, with plans to double this figure to approximately ₹20,000 crores within five years.
Wealth First will initially acquire a 51% stake in WFAPL, with the remaining 49% to be acquired by March 31, 2029, based on future valuation and settled through a share swap.
This move follows Wealth First's earlier entry into asset management and aims to establish the firm as a leading independent financial services institution in India.

Wealth First Portfolio Managers Limited today announced the 100% acquisition of Mumbai-based WFAPL (Wealth First Advisors Pvt. Ltd), a wealth management and distribution firm, at an equity valuation for a total consideration of ₹ 102.15 crores.

The acquisition significantly strengthens Wealth First’s presence in India’s largest wealth management market and takes the combined business to nearly ₹9,000 crore in assets under management. Maharashtra, which accounts for nearly 40% of India’s mutual fund industry. More importantly, it marks a significant milestone in the firm’s evolution from a western India-focused practice into a national financial services institution. Anchored in wealth and asset management, Wealth First is steadily building an integrated financial services platform designed to serve clients across their evolving investment and wealth creation needs.

Building on this foundation, the combined organisation has set itself a clear five-year objective — to double assets under management to approximately ₹20,000 crore while establishing itself among India’s leading independent wealth and asset management firms. Anchored in wealth and asset management, Wealth First is steadily building an integrated financial services platform designed to serve clients across their evolving investment and wealth creation needs.

Under the agreement, Wealth First will acquire a 51% stake in WFAPL through a combination of internal accruals and a share swap. The remaining 49% will be acquired at a future date based on WFAPL’s valuation as on March 31, 2029, and settled entirely through a share swap.

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 advice mirrored our own. Earlier this year we entered asset management; today we are strengthening our advisory franchise. Together, these mark Wealth First’s steady evolution into a broader financial services institution. This takes our combined platform to close to ₹9,000 crore, and over the next five years we intend to double that to around ₹20,000 crore and rank among India’s leading independent wealth and asset management firms. But our ambition isn’t simply to be larger — it is to build an institution that endures.”

The acquisition follows Wealth First’s strategic entry into asset management earlier this year through its sponsorship of Lakshya Asset Management. While that initiative strengthened the firm’s manufacturing capabilities, the acquisition of WFAPL expands its advisory and distribution franchise. Together, these complementary initiatives broaden Wealth First’s capabilities across the financial services value chain and reinforce its long-term strategy of building an integrated financial services institution.