Karan Bhagat has good reason to smile. He holds around 6% in IIFL Wealth Management, which is valued at Rs 5,000 crore after global equity investment fund General Atlantic picked up a 21.6% stake. For a company which is less than a decade old, having Rs 100,000 crore worth of assets under management is a feat. Bhagat predicts that number will grow 30% year on year. Among the heavy hitters whose money IIFL Wealth manages are Vijay Shekhar Sharma, Kunal Shah, and Raghav Behl. Bhagat is happy to tap global networks, and the General Atlantic investment is nothing short of an international endorsement. But he is looking at it differently: General Atlantic’s presence will add more weight to IIFL Wealth, which will help in recruiting from elite campuses. Bhagat is also an angel investor in half-a-dozen startups across sectors. While he says they are just investments in friends’ ventures, he is quick to point out that their valuations are generally pretty decent. One of his pals says Bhagat just signs the cheque and doesn’t do a hard-nosed assessment. Bhagat’s latest play is not in an asset class but in a school. IIFL Wealth along with the Indian Chess School has been organising the Mumbai International Chess Tournament for the past two years.
Top Stories
More FromInvesting
TBO Tek sets price band at ₹875-920 per share; IPO to open on May 8
The travel distribution platform looks to raise ₹1,550.81 crore via IPO at the upper end of the price band.
Bajaj Auto shares surge 2% on launch of new Pulsar NS400Z
Touted to be the ‘biggest’ Pulsar—NS400Z is powered by a 373 engine.
YES Bank shares skid over 3% amid block deal buzz
Carlyle Group, which currently holds 8.74% shares in YES Bank, is reportedly looking to sell 2% stake via a block deal today.
Bajaj Finance shares jump 7% after RBI lifts ban on eCOM, Insta EMI Card
After six months, the RBI has removed restrictions on Bajaj Finance’s two products after the remedial actions taken by the company.
More FromInvesting
TBO Tek sets price band at ₹875-920 per share; IPO to open on May 8
The travel distribution platform looks to raise ₹1,550.81 crore via IPO at the upper end of the price band.
Bajaj Auto shares surge 2% on launch of new Pulsar NS400Z
Touted to be the ‘biggest’ Pulsar—NS400Z is powered by a 373 engine.
YES Bank shares skid over 3% amid block deal buzz
Carlyle Group, which currently holds 8.74% shares in YES Bank, is reportedly looking to sell 2% stake via a block deal today.
Bajaj Finance shares jump 7% after RBI lifts ban on eCOM, Insta EMI Card
After six months, the RBI has removed restrictions on Bajaj Finance’s two products after the remedial actions taken by the company.
Leave a Comment
Your email address will not be published. Required field are marked*