Radhika Gupta Calls WestBridge Investment In Edelweiss Mutual Fund 'A Special Milestone'
The global investment firm acquired a 15% stake in Edelweiss Asset Management Ltd. for a consideration of Rs 450 crore.
Radhika Gupta, chief executive officer of Edelweiss Mutual Fund, called WestBridge Capital's recent acquisition of Edelweiss Asset Management Ltd. a 'milestone', on Friday.
The MD called the deal "a vote of confidence in both what we have built and the dreams we have for the future" through a post on X.
"Edelweiss mutual fund has scaled rapidly through focused execution - consistent fund performance, product innovation, and widening distribution strength," Gupta said via a press release from the company. "We are delighted to partner with WestBridge Capital - a likeminded and long-term partner - whose strategic insights and ecosystem will accelerate our next phase of growth.
"The mutual fund opportunity in India is just taking off and we are confident that we can build Edelweiss MF into one of India's most admired asset managers," Gupta added.
The global investment firm acquired a 15% stake in Edelweiss Asset Management Ltd. for a consideration of Rs 450 crore.
“Welcoming WestBridge Capital as a strategic partner is a timely step in the value-creation journey at Edelweiss MF. We have built a robust, innovation-led mutual fund franchise with strong equity momentum. This transaction reflects the confidence in the long-term potential of our Mutual Fund business. It initiates the value unlock for EFSL, strengthens the growth path of Edelweiss MF, and brings in a seasoned long-term partner," Rashesh Shah, chairperson of Edelweiss Financial Services Ltd., said.
WestBridge Capital has over $7 billion in assets under management. According to a press release from Edelweiss, the company has a "reputation for scaling businesses by actively engaging through board participation, governance support and hands-on partnerships that can span decades, by virtue of its long-term investment approach".
Edelweiss Mutual Fund is one of the key businesses for Edelweiss Financial Services Ltd. and currently manages Rs 72,600 crore of equity assets under management, which has grown by 53% over the last five years.
