Listed wealth management firm Wealth First Portfolio Managers Ltd has approved the acquisition of a controlling stake in Mumbai-based Wealth First Advisors Pvt Ltd (WFAPL) in a two-stage transaction valuing the target at ₹102.15 crore, as the company looks to expand its national footprint and strengthen its presence in India’s largest wealth management market.
The Ahmedabad-headquartered company said its board has approved the acquisition of 100% equity share capital of WFAPL, a wealth management and mutual fund distribution firm, through a phased transaction that is expected to be completed by March 2030. In the first phase, Wealth First will acquire a 51% stake by December 31, 2026, subject to regulatory approvals and other conditions, for ₹52.10 crore. The consideration comprises ₹40 crore in cash and ₹12.10 crore through a share swap. The remaining 49% stake will be acquired by March 31, 2030, with the consideration to be determined based on WFAPL’s valuation as of March 31, 2029, and paid entirely through a share swap.
Following the first phase, WFAPL will become a subsidiary of Wealth First, while the second phase will make it a wholly owned subsidiary. The acquisition will take the combined assets under management (AUM) of the two firms to nearly ₹9,000 crore, while the company has set a target of growing this to around ₹20,000 crore over the next five years. “The acquisition significantly strengthens our presence in Mumbai and marks another milestone in our evolution into a broader financial services institution,” Ashish Shah, Founder and Managing Director of Wealth First, said in a statement.
The listed company disclosed that the transaction is a related-party transaction, as Wealth First’s promoter and managing director Ashish Shah holds a 10.62% beneficial interest in WFAPL. It said the acquisition is being undertaken on an arm’s length basis, with the valuation determined by an independent registered valuer.
The transaction follows Wealth First’s entry into asset management earlier this year through its sponsorship of Lakshya Asset Management, expanding its presence beyond wealth advisory into fund management. The company said the acquisition will also strengthen its position in Maharashtra, which accounts for nearly 40% of India’s mutual fund industry, while broadening its advisory and distribution capabilities. According to the company’s regulatory filing, WFAPL reported a turnover of ₹17.91 crore, profit after tax of ₹6.04 crore, and net worth of ₹22.01 crore in FY26. Its turnover stood at ₹16.68 crore in FY25 and ₹12.17 crore in FY24.
Published on July 1, 2026
