Prudent Corporate Advisory Services, an independent distributor of mutual fund and other wealth products in India, received a private equity investment from TA Associates.
The financial terms of the transaction were not disclosed. In conjunction with the deal, Aditya Sharma, Senior Vice President, TA Associates Advisory Private Limited, and and Dhiraj Poddar, Country Head of India at TA Associates Advisory Private Limited, will join the Prudent Board of Directors.
Founded in 2001 by Sanjay Shah, Managing Director, and led by Shirish Patel, Chief Executive Officer, Prudent provides personal and corporate investment planning services through the distribution of mutual funds, bonds, broking and insurance products. The company operates through its network of over 10,000 Independent Financial Advisors (“IFAs”) and has in excess of 18,000 Cr of assets under management.
Prudent provides its IFA partners with training and development services, technology platforms to grow and manage their client-base, back-office services, and sales and marketing support.
The company is headquartered in Ahmedabad, Gujarat and operates a total of 70 branches across 19 states in India.