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Equirus names Manish Jain CEO to steer its new NBFC arm
MUMBAI: Equirus Group has tapped industry stalwart Manish Jain to head Equirus Finance, its newly minted non-deposit-taking NBFC, soon after receiving the Reserve Bank of India’s nod. The move signals a decisive push by the full-service financial firm to expand its wealth and credit ecosystem.
Jain, who steps in as chief executive officer, will lead the charge in building a high-quality, relationship-driven lending franchise centred on bespoke credit for high-net-worth individuals, family offices and business promoters. With Equirus Wealth already managing more than USD 2.2 billion in assets, the NBFC adds a fresh plank to the Group’s ambition of creating an integrated advisory and lending platform.
Backed by over two decades of experience at ASK Group, Nuvama, Anand Rathi Global Finance and Deloitte, Jain brings a seasoned mix of capital-market lending, structured credit and NBFC leadership. His track record includes scaling Las businesses, launching India’s first digital Las platform, managing treasury books of more than Rs 2,500 crore and steering CFO roles across lending entities.
Commenting on the appointment, Equirus managing director Ajit Deshmukh, said the Group is confident Jain’s expertise will accelerate its goal of becoming a trusted financial partner for entrepreneurs, corporates and affluent families across India.
Jain called the opportunity “transformative” and said he aims to build a client-focused NBFC that marries customised funding solutions with strong governance and risk stewardship.
Equirus Finance will offer a suite of products including loan against securities, ESOP financing, market-linked debentures and structured credit. The company is aiming for a Rs 3,000 crore, high-quality loan book over the next few years, while fostering strong synergies with Equirus Wealth to deliver a unified One Equirus experience.
Brands
Devyani International Ltd plans three-subsidiary merger to streamline operations
QSR operator moves to streamline structure and unlock operational synergies
Devyani International is tightening its corporate kitchen. The quick-service restaurant operator has approved a scheme to merge three subsidiaries—Sky Gate Hospitality, Blackvelvet Hospitality and Say Chefs Eatery—into the parent company in a bid to simplify its structure and sharpen operational efficiency.
The decision was cleared at a board meeting on March 10 and disclosed in a regulatory filing to the stock exchanges. The merger will take effect from April 1, 2025, subject to statutory approvals.
All three transferor companies are direct or indirect wholly owned subsidiaries, meaning no fresh shares will be issued and the shareholding pattern of Devyani International will remain unchanged once the scheme is completed.
The subsidiaries together operate more than 100 outlets—including dine-in restaurants and cloud kitchens, spread across over 40 cities such as Delhi NCR, Mumbai, Kolkata and Bengaluru.
Devyani International, the largest franchisee of Yum Brands in India, said the consolidation is aimed at generating operational synergies, optimising resource utilisation and reducing layers within the corporate structure.
Financially, the move brings together businesses of varying scale. As of March 31, 2025, Devyani International reported a net worth of Rs 10,381.02 million and turnover of Rs 33,493.33 million. Sky Gate Hospitality posted a net worth of Rs 761.14 million with turnover of Rs 2,657.57 million, while Blackvelvet Hospitality and Say Chefs Eatery reported smaller operations and negative net worth.
The merger will consolidate these operations under a single corporate umbrella as the company sharpens its focus on scale and efficiency.
Devyani International currently runs more than 2,000 outlets across over 280 cities in India, Nigeria, Nepal and Thailand. Its portfolio includes franchise rights for brands such as Pizza Hut, KFC, Costa Coffee, Tea Live, New York Fries and Sanook Kitchen, alongside its own food brands.
With the paperwork underway and approvals pending, Devyani is essentially clearing the corporate clutter—turning three subsidiaries into one tighter, leaner operation. In the QSR world, even the back office needs a spring clean.
