In the heart of Mumbai’s financial scene, billionaire Nirmal Jain is reshaping the future of his empire. As broking profits narrow and loan appetite weakens, the visionary behind the IIFL Group is steering his focus toward the rising tide of India’s ultra-rich, embarking on a mission to transform his financial firm into a powerful wealth management force.
With a portfolio that includes IIFL Capital, IIFL Finance, 5Paisa Capital, and a significant stake in 360 One, Jain’s three-decade-old enterprise is backed by global giants like Canada’s Fairfax and the Abu Dhabi Investment Authority. His and wife Madhu’s net worth currently stands at $1.2 billion, as per a leading index.
Driven by India’s soaring number of individuals with wealth between $500,000 and $5 million, Jain is laying the groundwork for the next frontier of financial growth. “The number of individuals with at least $500,000 to $5 million in wealth in India is growing and could double or even triple over the next decade. This creates enormous potential for multiple organizations offering differentiated products and services,” Jain remarked in a recent conversation.
Jain’s wealth wave, powered by a roaring stock market and India’s robust economy, has attracted both domestic and global players. From HSBC and Standard Chartered to local titans like Uday Kotak’s private bank and rising disruptors such as 360 One, everyone is racing to claim a slice of the pie.
Raghav Gupta, joint CEO of private wealth at IIFL Capital Services, shared, “We plan to hire another 60 bankers across the country this year to beef up our ultra high networth individual segment.” The current force of 300-plus relationship managers will continue to serve the growing base of mass affluent clients.
Gupta, who joined the firm in 2024 after a successful run at a prominent wealth manager, revealed that IIFL’s broking unit will now shift gears to serve the wealthy, while also offering investment banking solutions to institutional players.
Their wealth division, with assets under management (AUM) currently at 370 billion rupees, aims to surpass 1 trillion rupees within five years. Having added 110 bankers in the last year alone, the firm is placing bold bets on the nation’s economic aspirations.
Clients will be offered diverse strategies across equities, fixed income, real estate, and private equity, all empowered by IIFL’s extensive institutional network of over 900 global and domestic partners. In a land where fortunes rise with the sun, Nirmal Jain is sowing seeds for the next financial renaissance.
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