Way2Wealth buys NBFC of Prakash Leasing

Looks at 50% growth in assets.

Way2Wealth, a retail brokerage of equities and commodities owned by Coffee Day Holdings, has acquired Prudential Integrated Finances, a Bangalore-based NBFC (non-banking financial company). Prudential Integrated was part of Prakash Leasing, which is into vehicle financing. No transaction details were disclosed by Way2Wealth.

Way2Wealth is acquiring the firm to assist its customers in lending for their securities exposure to the market.

M R Shashibhusan, CEO, Way2Wealth noted that they could lend up to Rs 150 crore on this capital base and the funds will be through internal accruals on an incremental basis. Way2Wealth has also charted a roadmap which will involve roping in a strategic partner.

Way2Wealth, which has assets under management of around Rs 1,000 crore, is hoping that with the move to acquire an NBFC, it can grow its AUM another 50 per cent during the next fiscal. “This is one of the measures we are taking to grow our business,” he noted. Way2Wealth in the recent past has been actively sprucing up its offerings, by offering an online platform which can be used to trade equities, derivatives, commodities, currency futures and mutual funds besides applying for IPOs. The company is also aggressively increasing its touch points in the country and is looking at a number of around 200 outlets next fiscal from the present 140, a growth of around 40 per cent.

Detailing how the company hopes to increase its AUM in the current, Shashibhusan said that they have roped in a core team from IL&FS Group and some key personnel from ICICI Group. “Asset management is about continuing relationships and our team has long standing relationships with our HNI clients,” he noted.

Way2Wealth’s parent Coffee Day Holdings is an Rs 800 crore diversified business establishment having presence in coffee exports & retailing in addition to expanding its presence in SEZ development and hospitality sectors.