Equirus

Federal Bank, India's seventh-largest private-sector bank, acquired a 19.98% stake in 2018. Amicus Capital, a private equity firm targeting mid-market Indian companies, joined as a shareholder in 2024. The late Rakesh Jhunjhunwala was a shareholder from 2007, with his shares subsequently transmitted to his nominees. Employee shareholders hold the remaining equity.

Equirus runs a full-service investment bank alongside fixed income, capital markets, institutional equities, insurance broking, portfolio management, and wealth management. Specific mandates include IPOs — it took Krsnaa Diagnostics and Rolex Rings public — and M&A transactions for technology firms such as Whishworks and Search Technologies. The fixed income desk handles loan syndication, structured finance, NCLT advisory, and acquisition funding.

Yes, through two vehicles. The Portfolio Management Service takes concentrated, publicly listed positions on behalf of clients, targeting outperformance over a 3–5 year horizon. Equirus Wealth, which absorbed Credence Family Office, advises and manages client assets across both personal and business needs. The firm also operates an NBFC lending business.

The institutional equities division employs more than 25 analysts, including domain specialists. Covered verticals include Industrials, Pharma, Metals & Mining, Power & Infrastructure, IT Services, Real Estate, Oil & Gas, Consumer Durables, Auto & Auto Ancillaries, Chemicals, and Cement. The research effort has been ranked by Thomson Reuters, Starmine, and Institutional Investor.

No. It is a diversified investment-banking and financial-services group. However, its early anchor shareholder was Rakesh Jhunjhunwala, a prominent Indian investor, and the firm bought Credence Family Office, which now operates inside Equirus Wealth, offering family-office services.

The firm's public website aggregates $15.88 billion in transactions, though it does not break down that figure by period or mandate type. Employment information is not disclosed. Federal Bank, its largest institutional shareholder, carries a balance-sheet size exceeding INR 3,083 billion.

The firm does not publish an exclusions list. From its stated research coverage and deal mandates, there is no evidence of activity in ClimateTech, SpaceTech, or AgriTech, suggesting a focus on traditional industrial and financial sectors alongside mid-market technology and consumer services.