Ajay Garg of Equirus Group on India’s Transition from Private to Public Capital and Market Growth
Ajay Garg, Managing Director of Equirus Group, which is looking to strengthen its wealth-management presence, says that — much like the US private-capital-driven listing boom — India’s transition from private businesses to public ownership will drive sustained market growth.
In an email interview with Samie Modak, he notes that despite short-term volatility, the long-term outlook for Indian markets remains robust.
On Acquisitions and Strategic Rationale
Equirus has completed three acquisitions in the past year, including the latest with Sapient Finserv.
“Our growth has been deliberate. We began by establishing a private-equity (PE) distribution franchise, executing over 100 transactions for marquee investors. We then expanded into public markets, building a research-driven institutional platform. Today, Equirus is involved in roughly one out of every six mainboard IPOs, reflecting the depth of our public-market relationships,” says Garg.
Strengthening our wealth management and family office business is the next logical step, given the rising sophistication and influence of India’s capital pools.
The acquisition of Sapient and other platforms enables Equirus to offer an integrated proposition — connecting entrepreneurs and businesses with diverse capital sources while providing investors with curated, high-quality opportunities across asset classes.
This lays the foundation for a differentiated, full-stack financial-services franchise.
Scaling Wealth and Family Office Platforms
Having entered the wealth space only in 2018, Equirus’ strategy has catapulted it into the top 10 non-bank wealth managers by revenue in India.
With Sapient’s integration, Equirus Wealth aims to scale AUM to ~₹50,000 crore, while continuing to focus on value creation across client segments.
Unique Value Proposition in a Competitive Landscape
Facing heightened competition from banks, fintechs, and global wealth managers, Equirus differentiates itself by blending investment banking expertise with wealth advisory.
“Many of our clients are entrepreneurs and business builders. Our strong research and domain capabilities make us partners who bring deep investment insights — not just execution support,” Garg adds.
On the Possibility of an IPO
With backing from PE groups such as Rare Enterprises (involved since inception) and Amicus (which invested following Federal Bank’s partial exit), an IPO is a natural next step.
“As is typical for PE-backed firms, enabling liquidity for our investors is a responsibility — and an IPO is one of the options on the table for the near future,” says Garg.
Drivers of the IPO Boom
To put it in context, Garg draws parallels with the US experience: from 1945 to 1975, American corporate growth was funded largely by private capital.
India’s “1945 moment” came in 1991, when economic liberalisation unleashed entrepreneurship, followed by 25 years of growth driven mainly by foreign PE and strategic capital.
He expects the next 25 years to see private Indian businesses transition to public ownership, thereby broadening equity participation and democratising entrepreneurship.
Reforms to Deepen India’s Equity Capital Markets
Garg highlights the need for reforms that allow issuers to tap Indian ADR markets, rather than being restricted to domestic listings, as liquidity and fair valuation are powerful incentives.
He also points out that persistent rupee depreciation deters investors — and that, contrary to popular belief, a stable currency, as seen in China, can support export-led growth.
On Market Performance and Outlook
While India’s secondary markets have trailed some global peers this year, Garg attributes the global rally to AI-led FOMO, especially in the tech sector.
“India’s information-technology industry is experiencing its ‘Manchester moment’, with only a handful of listed firms — like Netweb Technologies, a recent Equirus IPO — having clear AI-aligned business models,” he observes.
For more perspectives on India’s evolving equity landscape, explore insights from Ranjit Jha (CEO) — who frequently analyses how capital-market transitions shape long-term wealth creation.
To understand how institutional research and private-to-public capital flows influence your investment strategy, connect with Rurash Financials — experts in investment management, funding solutions, and wealth strategy.