Equirus

What Equirus does

Equirus Capital Limited is a Mumbai-headquartered, full-service mid-market investment bank founded in 2007. The firm operates through wholly-owned subsidiaries including Equirus Securities Private Limited (brokerage), Equirus Insurance Broking Private Limited, and Equirus Finance Private Limited (NBFC). Its primary product lines are Investment Banking (IPOs, M&A advisory, ECM), Capital Markets, Fixed Income (debt syndication, structured finance, NCLT advisory), Institutional Equities (brokerage and research covering 275+ companies), Wealth Management (PMS, HNI broking, Family Office), Insurance Broking, and a recently launched NBFC lending business and an early-stage venture capital arm (Equirus InnovateX Fund). Equirus is recognized for its institutional research by Thomson Reuters, Starmine, Asia Money, TIM and Institutional Investor, and has completed 338+ deals with $15.88+ B in cumulative deal value.

Equirus serves three core client groups: (1) mid-to-large Indian corporates seeking capital markets access and M&A advisory (with 153+ such clients including Minda Industries, Kogta Financial, Shankara Building Products, Krsnaa Diagnostics, Rolex Rings, and AWHCL); (2) HNI/UHNI families for wealth management, with $4.0+ BN in wealth AUM and 3,66,000+ customers; and (3) domestic institutions and FIIs for institutional equities brokerage and research. Revenue is generated through advisory and success fees on IB mandates, brokerage commissions, wealth management/PMS fees, insurance broking commissions, and interest income from NBFC lending. The firm has 101–250 employees, with 145+ employee shareholders indicating broad-based equity participation.

Equirus is privately held with notable shareholders including Federal Bank (~8.69% post partial exit), Amicus Capital (Rs 125 crore in Oct 2024), and legacy backing from late Rakesh Jhunjhunwala. The firm is pursuing an aggressive growth strategy: three M&A deals in 12 months (Credence Family Office in Feb 2025 and Sapient Finserv in Oct 2025, plus Wizarth Advisors in 2012), an NBFC business launched in 2025, and a planned Rs 1,000+ crore IPO targeted for mid-2026 with proceeds largely earmarked for the NBFC. The combined wealth AUM target is Rs 50,000 crore over 18–24 months.

Name

Equirus

Legal name

Equirus Capital Limited (formerly known as Equirus Capital Private Limited)

Website

https://equirus.com

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

101–250 employees

Short description

Equirus Capital is a Mumbai-based full-service mid-market investment bank founded in 2007, offering IPO/M&A advisory, capital markets, institutional equities brokerage, wealth management, NBFC lending, and insurance broking to Indian corporates, UHNIs, and institutional investors.

Ownership category

akta.pro rank

Product category

Investment Banking

NAICS

Investment Banking and Securities Intermediation (52315), Portfolio Management and Investment Advice (523940), Securities and Commodity Contracts Intermediation and Brokerage (5231)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Investment Advice (6282)

akta.pro primary industry

Capital Markets Advisory (IPO Readiness, SPAC, ECM/DCM Advisory) (BPAHAOAL)

akta.pro secondary industries

Buy-Side M&A Advisory (FSAEAGAB), Equity Capital Advisory (Private Equity Placements, Growth Capital) (BPAHAOAE), Agency Equity Execution (Cash Equities) (FSACAFAA)

Keywords

• Investment banking
• Capital markets advisory
• Wealth management
• Institutional brokerage
• Insurance broking

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Investment Banking & Advisory: Financial advisory services for IPOs, mergers & acquisitions, and equity capital markets. Revenue generated through transaction fees, success fees, and advisory commissions.
2. Brokerage & Securities: Institutional equities brokerage with 275+ companies under coverage, generating commissions from equity trading and securities intermediation.
3. Wealth Management: Wealth management services for HNI and UHNI clients with AUM of $4.0+ BN, generating advisory and management fees.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

Equirus is a full-service Indian investment bank offering corporate finance advisory (IPOs, M&A, equity capital markets, private placements, debt syndication, and structured finance), institutional equities brokerage and research covering 275+ companies, wealth management and family office services for HNI/UHNI clients with $4.0+ BN AUM, portfolio management services, insurance broking, an NBFC lending arm (Equirus Finance), and a venture capital fund (Equirus InnovateX Fund). The firm serves 153+ corporate clients, has completed 338+ deals with $15.88+ BN in deal value, and operates through wholly-owned subsidiaries including Equirus Securities and Equirus Finance.

Product overview

Equirus is a full-service investment bank and financial services platform offering a comprehensive suite of products across investment banking, capital markets, wealth management, and asset management. The platform operates through multiple integrated divisions: Investment Banking (M&A advisory, ECM, IPOs), Fixed Income (debt syndication, structured finance), Capital Markets (equity capital markets), Institutional Equities (brokerage and research covering 275+ companies), Insurance Broking (risk solutions), Wealth Management (including Direct Equities for HNWIs and Family Office for UHNIs), Portfolio Management Services (PMS for listed Indian equities), Venture Capital (Equirus InnovateX Fund/Startup Fund), and Equirus Finance (NBFC for lending solutions). The ecosystem is supported by research capabilities and serves 153+ clients with $15.88+ billion in deal value.

Differentiator

Problem solved

Functional benefit

Brands

• Fed Wealth: Wealth management platform launched by Federal Bank in partnership with Equirus (now being restructured)
• Equirus InnovateX Fund
• Workroom Automation

Products and services

• Investment Banking Financial advisory services in IPOs, mergers & acquisitions, private placements, and equity capital markets. Works with companies to raise capital, drive growth, and execute strategic transactions.
• Capital Market Capital market transactions across sectors with domain understanding from sector specialists, including IPOs, FPOs, QIPs, rights issues, and OFS.
• Fixed Income Bespoke services across fixed income markets including resource raising through debt instruments, loan syndication and structured finance, acquisition funding, NCLT advisory and NCLT funding, portfolio management, fixed income advisory, and intermediation for debt instruments.
• Institutional Equities Domestic institutional equities brokerage covering 275+ companies, empaneled with domestic institutions and FIIs. Backed by 25+ analysts covering Industrials, Pharma, Metals & Mining, Power & Infrastructure, IT Services, Real Estate, Oil & Gas, Consumer Durables, Auto & Auto Ancillaries, Chemicals, Cement, and Mid-Caps. Includes institutional equity research and derivatives trading.
• Insurance Broking Full-service insurance broker providing risk mitigation solutions including fire and property, liability, marine, project and engineering, employee benefits, and health insurance covers.
• Wealth Management Trusted advisor and money manager for personal and business needs with $4.0+ BN AUM and 3,66,000+ customers. Offers investment advice focused on transparency, product innovation, and performance.
• Direct Equities (HNI Broking) Direct equities services for high net worth individuals providing personalized stock investment and trading services.
• Family Office Comprehensive wealth management and succession planning services for ultra-high net worth individuals and families.
• Portfolio Management Services (PMS) Discretionary portfolio management taking concentrated long-term bets in high-quality publicly listed Indian companies at reasonable valuations, targeting significant outperformance over broader Indian indices over a 3-5 year period.
• Venture Capital (Equirus InnovateX Fund) Startup fund for venture capital investments in early-stage companies across sectors including fintech, manufacturing, and technology. Led seed rounds in companies such as Workroom Automation and PointO in 2024.
• Equirus Finance (NBFC Lending) RBI-registered NBFC providing structured lending solutions including loan against financial assets, bond investments, and promoter funding. Serves founders, promoters of listed companies, UHNW families, and HUFs.
• Research Reports Equirus Securities research offering high conviction ideas with outstanding alpha from recommendations, consistently recognized for stock picking by Thomson Reuters, Starmine, Asia Money, TIM, and Institutional Investor.

Quantifiable outcome

• 338+ deals completed with $15.88+ B deal value
• +2 more outcomes

Named customers6 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators6 records

Recent moves13 records

Expansion highlights6 records

Direct peers

• Kotak Mahindra Capital: Investment banking arm of Kotak Mahindra Group; one of India's leading mid-to-large-cap ECM/M&A advisors. Directly competes with Equirus on IPO book-running, ECM, and M&A mandates, with a similar full-service India-mid-market franchise but materially larger balance sheet and broader distribution.
• Axis Capital: Investment banking subsidiary of Axis Bank; competes head-to-head with Equirus on Indian IPO advisory, QIPs, and M&A. Comparable mid-market positioning with parent-bank referral flow for UHNI wealth, mirroring Equirus's relationship with Federal Bank.
• ICICI Securities: Listed Indian brokerage and investment bank offering ECM, M&A, retail broking, and wealth management. Closely comparable integrated platform, though at significantly larger scale — provides a relevant benchmark for Equirus' institutional equities, wealth, and IB cross-sell model.
• Motilal Oswal Investment Banking: Investment banking and institutional equities arm of Motilal Oswal Financial Services; deeply comparable mid-market IB with strong research recognition (similar to Equirus' Thomson Reuters awards), competing directly on ECM and M&A mandates across Indian mid-caps.
• JM Financial: Diversified Indian financial services group with investment banking, institutional equities, wealth, and NBFC arms. Closely mirrors Equirus' integrated platform and competes directly in mid-market ECM, M&A, and structured finance, though at a meaningfully larger scale.
• IIFL Securities: Listed Indian broker and wealth manager with institutional equities, investment banking, and retail broking — directly comparable integrated offering to Equirus. Significant overlap in HNI broking and mid-market ECM, with larger public-market footprint.
• Spark Capital: Chennai-based mid-market Indian investment bank focused on ECM, M&A, and institutional research. Strong sector-research franchise similar to Equirus' 25+ analyst model, and a direct competitor for Indian mid-cap IPO advisory and advisory mandates.

Emerging players

• Centrum Capital: Diversified Indian financial services group with investment banking, wealth, and lending businesses. Overlaps with Equirus' integrated platform, though currently smaller and more focused on specific segments; comparable trajectory as a mid-tier integrated financial services firm.
• Nuvama Wealth: India-focused wealth management firm (formerly Edelweiss wealth) competing with Equirus' wealth and family office business. Comparable UHNI/HNI client focus, though with less IB overlap — relevant comp for the wealth platform Equirus is building via Credence and Sapient.

Broad incumbents

• 360 One (IIFL Wealth): One of India's largest wealth managers with substantial UHNI/HNI AUM and family-office services. Competes directly with Equirus-Credence Family Office for ultra-high-net-worth clients and provides a benchmark for AUM scale and UHNI service depth in the Indian wealth market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights6 records

Customer concentration

• Xx.com/equiruswealth
• YouTubeyoutube.com/@equirusgroup
• Facebookfacebook.com/EquirusCapital
• LinkedInlinkedin.com/company/equirus
• Instagraminstagram.com/equirusgroup

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries4 records

Funding overview

Funding rounds3 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments8 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Equirus