Edelweiss Group

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Edelweiss Group
Company type Public
BSE:  532922
NSE:  EDELWEISS
ISIN INE532F01054
Industry Financial services
FoundedNovember 1995;28 years ago (November 1995)
Founders Rashesh Shah
Venkat Ramaswamy
Headquarters Mumbai, Maharashtra, India
Area served
Worldwide
Key people
Rashesh Shah
(Chairman & CEO)
Products
RevenueIncrease2.svg₹8,632 crore (US$1.0 billion) [1]  (2023)
Decrease2.svg₹2,827 crore (US$340 million) [1]  (2023)
Increase2.svg₹273 crore (US$33 million) [1]  (2023)
AUM Increase2.svg₹175,000 crore (US$21 billion) [2] (2023)
Total assets Increase2.svg₹44,064 crore (US$5.3 billion) [1]  (2023)
Total equity Increase2.svg₹6,654 crore (US$800 million) [1]  (2023)
Number of employees
8,820 (2023) [1]
Subsidiaries
  • Edelweiss Tokio Life Insurance Company Limited
  • Edelweiss Asset Management Ltd
Website edelweissfin.com

Edelweiss Group (officially known as Edelweiss Financial Services Limited) is an investment and financial services company based in Mumbai. [3] It was co-founded by Rashesh Shah and Venkat Ramaswamy.

Contents

The company deals in various financial services ranging from brokerage services to life insurance and general insurance, private equity and other investment-related services through subsidiaries. [4] It has a network of sub-brokers and authorised people across India. It is registered with National Stock Exchange of India, Bombay Stock Exchange and Multi Commodity Exchange.

History

Edelweiss was founded in 1995 by Rashesh Shah and Venkat Ramaswamy. [5] Initially, the company worked on private equity syndication, mergers, acquisitions (M&A) and focused on advisory services. [6]

Edelweiss worked on mergers & acquisitions, providing advisory and investment banking services. [7] Edelweiss also offered equity broking, portfolio management, and wholesale financing services to individuals and corporates. [8]

1996–2004

The company became a merchant bank in 2000. [9] It was also helped start-ups raise funds via the non-IPO route, Venture Capital (VC) and Private Equity funds (PE). [8] In 2000, the company had capital mark of ₹50 million. It acquired Rooshnil Securities in 2001. [10]

2004–2012

During this period Edelweiss added institutional broking and non-banking financial company (NBFC) activity to its portfolio. [8] In 2007, Edelweiss obtained its Clearing Member License. [11] The same year, Edelweiss commenced asset management business with the launch of real estate funds.

In 2007, Edelweiss Global Wealth Management was established [12] to offer wealth structuring solutions,[ buzzword ] asset protection, asset transfer strategies, risk management and investment banking solutions.[ buzzword ] [13]

In 2008, EdelGive Foundation (the company's charitable wing) was established with education and livelihoods as its primary focus areas. [14]

In 2010, Edelweiss acquired Anagram Capital, for Rs. 164 crore. [15] In 2011, Edelweiss Tokio Life Insurance was established as a joint venture between Edelweiss and Japanese insurer Tokio Marine. Edelweiss held a 74 per cent stake in the JV. [16]

2012–present

In 2014, Edelweiss Financial Services acquired Mumbai-based asset management company, Forefront Capital Management. [17]

In 2016, Edelweiss Asset Management Company completed the acquisition of fund schemes of JP Morgan Asset Management India. [18]

In September 2016, Edelweiss Financial Services Ltd also agreed to acquire Ambit Investment Advisors' longshot hedge fund Ambit Alpha Fund. [19]

In 2016, Caisse de dépôt et placement du Québec (CDPQ), a pension fund manager in North America, acquired 20 per cent equity stake in Edelweiss Asset Reconstruction Company (EARC) with a view to investing annually in stressed assets and the specialized corporate credit segment, over a four-year period. [20]

In 2022, Edelweiss General Insurance's Group Health Policy includes LGBTQ+ community. [21]

In 2024, the Reserve Bank of India, effectively suspended Edelweiss Asset Reconstruction Company from acquiring more business, while simultaneously limiting the business of ECL Finance. Both are subsidiaries of Edelweiss Financial Services Ltd. [22] The Reserve Bank of India found evidence to suggest that Edelweiss had been using its Group companies to evergreen its bad loans and circumvent regulations. [23]

See also

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References

  1. 1 2 3 4 5 6 "Edelweiss Group". 2023.
  2. ↑ https://www.edelweissfin.com/wp-content/uploads/2023/09/Investor-Presentation-Q3FY24.pdf [ bare URL PDF ]
  3. ↑ "How Edelweiss built a business for the long run | Forbes India". Forbes India.
  4. ↑ Menon, Rashmi (23 November 2017). "Economic Times". Economic Times.
  5. ↑ Sinha, Shilpy (14 September 2016). "What makes investors trust their money with these 5 financial supermarkets of India". The Economic Times. Retrieved 22 January 2018.
  6. ↑ "Rashesh Shah: Every setback is an opportunity to recalibrate | Forbes India". Forbes India.
  7. ↑ "Company Profile for ${Instrument_CompanyName}". IN. Retrieved 26 March 2019.
  8. 1 2 3 "Edelweiss Financial: Reports, Company History, Directors Report, Chairman's Speech, Auditors Report of Edelweiss Financial - NDTV". www.ndtv.com. Retrieved 26 March 2019.
  9. ↑ "Forbes India Magazine - Print". www.forbesindia.com. Retrieved 26 March 2019.
  10. ↑ Sultana, Nasrin (20 December 2017). "Edelweiss Group acquires Religare's securities business". Livemint.com.
  11. ↑ "Edelweiss Financial Services History | Edelweiss Financial Services Information - The Economic Times". economictimes.indiatimes.com. Retrieved 26 March 2019.
  12. ↑ "EDELWEISS GLOBAL WEALTH MANAGEMENT LIMITED - Company, directors and contact details | Zauba Corp". www.zaubacorp.com. Retrieved 26 March 2019.
  13. ↑ "Edelweiss Financial: Reports, Company History, Directors Report, Chairman's Speech, Auditors Report of Edelweiss Financial - NDTVProfit.com". www.ndtv.com. Retrieved 26 March 2019.
  14. ↑ "EdelGive Foundation | Center for Education Innovations". educationinnovations.org. Archived from the original on 20 November 2018. Retrieved 26 March 2019.
  15. ↑ "Edelweiss to acquire Anagram Capital". The Hindu. 28 January 2010. ISSN   0971-751X . Retrieved 26 March 2019.
  16. ↑ "Edelweiss inks joint venture agreement with Tokio Marine". The Hindu. PTI. 23 November 2009. ISSN   0971-751X . Retrieved 26 March 2019.
  17. ↑ Reporter, B. S. (1 May 2014). "Edelweiss Fin Services acquires Forefront Capital Management". Business Standard India. Retrieved 26 March 2019.
  18. ↑ "Edelweiss Asset Management to acquire JP Morgan's Mutual Fund". The Economic Times. 4 April 2016. Retrieved 26 March 2019.
  19. ↑ "Edelweiss Financial acquires Ambit Alpha Fund". Forbes India. Retrieved 26 March 2019.
  20. ↑ "Canada's CDPQ to pick up 20% stake in Edelweiss ARC". @businessline. 3 October 2016. Retrieved 26 March 2019.
  21. ↑ Standard, Business. "Edelweiss".{{cite news}}: |first1= has generic name (help)
  22. ↑ "RBI bars Edelweiss ARC from acquiring financial asset with immediate effect". Business Standard.
  23. ↑ "Edelweiss moves its money around and RBI doesn't like it". Boring Money.


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