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Groww To Acquire Indiabulls Mutual Fund Business

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After the capital markets regulator Sebi authorized digital platforms to enter the mutual fund business, Groww is the first fintech to enter the asset management space. Bengaluru-based Groww is a stockbroking firm created by Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal, all of whom previously worked for Flipkart.

 

It already has over 1.5 crore customers who use the platform to participate in mutual funds, equities, and exchange-traded funds (ETFs), and it wants to expand retail equity participation.

Groww To Acquire Indiabulls Mutual Fund Business

The acquisition of Indiabulls AMC by Nextbillion Technology, the parent company of Groww, has been approved by the Competition Commission of India (CCI).

For new age fintech businesses in the country, the mutual fund (MF) category appears to be a lucrative prospect. Zerodha, an investment platform, obtained authorisation from India's market regulator to enter the mutual fund business recently.

Indiabulls Mutual Funds
The quarterly average assets under management of Indiabulls Mutual Fund was Rs 663.68 crore in March 2021, down from Rs 921.33 crore in December 2020.

The Alternate Investment Fund (AIF) and portfolio management service (PMS) businesses of Indiabulls will be separated from the existing Indiabulls Asset Management Company structure and will continue to be managed by Indiabulls Housing Finance.

 

In May, the digital platform announced the purchase of Indiabulls AMC for a total sum of Rs 175 crore. The transaction includes a cash and equivalent component of Rs 100 crore for the asset management and trustee companies.

Groww

Groww is a web-based investment platform that enables users to make direct investments in mutual funds and stocks. The firm developed a mutual fund direct access platform. Customers may easily invest in mutual funds thanks to the company's technology, which makes investing simple, accessible, transparent, and paperless.

NameGroww
OwnerNextbillion Technology
HeadquartersBangalore, Karnataka, India
IndustryFinancial technology, Investment, Mutual Funds
FoundersLalit Keshre (CEO), Harsh Jain, Neeraj Singh and Ishan Bansal
Founded2016
Websitewww.groww.com

Read more about: mutual funds
Story first published: Friday, September 10, 2021, 12:58 [IST]
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