Ahmedabad : IIFL Capital Services Limited has strengthened its presence in Gujarat with the launch of its new Gujarat head office in Ahmedabad, expanding its private wealth management coverage for High Net-worth Individuals (HNIs) and Ultra High Net-worth Individuals (UHNIs).
The new office, located at Z2, Zydus Hospital Road, Ahmedabad, marks IIFL Capital Services’ strategic expansion into one of India’s prominent business and wealth-creation hubs. The company is among India’s large wealth managers, with approximately $26 billion (around ₹2.6 lakh crore) in assets under management, advice and custody.
The Ahmedabad office was inaugurated by Mr. Sudhir Vaid, Chairman and Managing Director, Concord Biotech Limited, in the presence of Mr. R. Venkataraman, Managing Director, IIFL Capital Services; Mr. Prakash Bulusu, Joint CEO, IIFL Capital Services; and Mr. Jay Ahuja, Managing Partner and Gujarat State Head.
Speaking at the inauguration, Mr. Sudhir Vaid, Chairman and Managing Director, Concord Biotech Limited, said that the launch of IIFL Capital Services’ Gujarat head office comes at a time when the state’s entrepreneurial ecosystem and wealth creation landscape are witnessing significant growth.
Mr. Prakash Bulusu, Joint CEO, IIFL Capital Services, said, “This is a significant milestone for IIFL Capital as we strengthen our position as the country’s leading wealth management firm. Our Ahmedabad office will offer clients the full breadth of our wealth management capabilities as their needs continue to evolve.”
The Ahmedabad office will serve as a dedicated hub for IIFL Capital Services’ private wealth management business in Gujarat, with coverage extending across key business centres in the state, including Ahmedabad, Vadodara and Surat.
Mr. Jay Ahuja, Managing Partner and Gujarat State Head at IIFL Capital Services, will lead the firm’s wealth management coverage in Gujarat. A qualified Chartered Wealth Manager and an alumnus of ICFAI, Ahuja brings more than two decades of private banking experience across leading Indian and multinational banks. He will be supported by a team of five bankers as the company expands its presence across the state.
The company’s expansion comes against the backdrop of growing wealth creation among Indian entrepreneurs, business promoters and senior executives. Ahmedabad has emerged as an important centre for business and entrepreneurship, while Gujarat’s established industrial and corporate ecosystem is creating an expanding pool of affluent and ultra-affluent individuals.
IIFL Capital Services has been strengthening its wealth management franchise over the past two years under the leadership of veteran private bankers Prakash Bulusu and Raghav Gupta, who joined the company as Joint CEOs in May 2024.
Bulusu and Gupta previously served as Senior Managing Partners at ASK Asset and Wealth Management, where they led the firm’s North, South and East India businesses as well as its offshore operations. The company plans to further strengthen its wealth management platform by bringing on board additional senior private bankers across India to serve the country’s expanding HNI and UHNI segment.
India’s wealth and asset management industry has been undergoing significant structural changes, with increasing wealth creation among promoters, entrepreneurs and senior corporate executives driving demand for sophisticated wealth management and advisory solutions. The sector has also attracted interest from major global private equity investors, including Blackstone, KKR, Bain Capital, General Atlantic and PAG. With the launch of its Gujarat head office, IIFL Capital Services aims to deepen its engagement with the state’s HNI and UHNI community and provide clients with access to its broader suite of private wealth management capabilities.
