Ahmedabad (Gujarat), India, September 21: IIFL Capital Services Limited today launched a new office in Ahmedabad dedicated to private wealth management for High Net-worth Individuals (HNIs) and Ultra High Net-worth Individuals (UHNIs), extending its reach into one of India’s fastest-growing business hubs. IIFL Capital Services is among the largest wealth managers in India, with roughly $26 billion (about Rs 2.6 lakh crore) in assets under management, advice and custody.
The office, at Z2, Zydus Hospital Road, sits in the heart of Ahmedabad’s business district — a deliberate bet on the city’s rising affluence. Ahmedabad’s metro GDP topped $136 billion in 2023, with per-capita income (PPP) of roughly $26,000, making it one of India’s wealthiest urban centres and a natural market for private wealth services. Ahmedabad along with Vadodara and Surat are among the top ten wealthiest cities in terms of GDP.
The office was inaugurated by Mr. Sudhir Vaid, Chairman and Managing Director of Concord Biotech Limited and one of India’s most respected entrepreneurs, in the presence of Mr. R. Venkataraman, Managing Director of IIFL Capital Services; Joint CEO Mr. Prakash Bulusu; and Mr. Jay Ahuja, Managing Partner and Gujarat State Head. “Mr. Sudhir Vaid A Visionary Business Leader, Philanthropist, Chairman & Managing Director of Concord Biotech Limited said at the inauguration. “I wish IIFL Capital the very best for their Gujarat foray into private wealth management. I have known the group well and for the amazing work that the institution is doing in the country . ” “This is a significant milestone for IIFL Capital as we strengthen our position as the country’s leading wealth management firm,” said Mr. Prakash Bulusu, Joint CEO, IIFL Capital Services. “Our Ahmedabad office will offer clients the full breadth of our wealth management capabilities as their needs continue to evolve.”
Jay Ahuja who is a qualified Chartered Wealth Manager & an alumnus of ICFAI, comes with over two decades of private banking experience in top Indian and multi-national banks will lead IIFL Capital’s wealth management coverage in Gujarat along with a team of five bankers. IIFL Capital has spent the past two years building out its wealth management franchise, anchored by veteran private bankers Prakash Bulusu and Raghav Gupta, who joined as Joint CEOs in May 2024. The firm plans to bring on additional senior private bankers nationally to serve India’s expanding HNI and UHNI base.
Bulusu and Gupta previously served as Senior Managing Partners at ASK Asset and Wealth Management (majority-owned by Blackstone, the world’s largest private equity firm), where they ran the firm’s North, South and East India businesses as well as its offshore operations. India’s wealth and asset management industry is evolving quickly. As promoters, entrepreneurs and senior executives generate wealth at a faster pace, demand for skilled advisors is outstripping supply — a gap that has drawn strong interest from global private equity majors including Blackstone, KKR, Bain Capital, General Atlantic and PAG.
