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Groww to acquire Indiabulls’ mutual fund business for Rs 175 crore SECTIONS Last Updated: May 11, 2021, 04:02 PM IST Share Synopsis The acquisition of Indiabulls’ mutual fund business paves the way for Groww to enter the asset management space, sought after by peers such as Zerodha and others. ETtech Mumbai: Online investment platform Groww, backed by funds such as Sequoia Capital and Tiger Global, has signed an agreement with Indiabulls Housing Finance to acquire its asset management company for Rs 175 crore, paving the way for the Bengaluru-based fintech startup to enter the mutual fund business. The sale of Indiabulls Mutual Fund will be limited to its mutual fund business while its other verticals such as the Alternate Investment Fund (AIF) and Portfolio Management Services (PMS) will be demerged and continue under Indiabulls Housing Finance, the two firms said on Tuesday. ....
Groww inks deal to acquire Indiabulls’ mutual fund biz for Rs 175cr SECTIONS Share Synopsis The sale of Indiabulls AMC will be limited only to the Mutual Fund business, while the Alternate Investment Fund (AIF) and Portfolio Management Service (PMS) businesses will be demerged from the existing Indiabulls AMC structure. Agencies Online investment platform, Groww will acquire Indiabulls Asset Management Company from Indiabulls Housing Finance for a consideration of Rs 175 crores. The sale of Indiabulls AMC will be limited only to the Mutual Fund business, while the Alternate Investment Fund (AIF) and Portfolio Management Service (PMS) businesses will be demerged from the existing Indiabulls AMC structure, and remain under Indiabulls Housing Finance, subject to regulatory approvals, Indiabulls Housing Finance said in an exchange filing on Tuesday. ....
Groww, a fast-growing technology-oriented investment platform, has signed an agreement with Indiabulls Housing Finance (IBHFL) to acquire Indiabulls Asset Management Company and Trustee Company for consideration of Rs 175 crore (including cash and cash equivalents of Rs 100 crore). With this acquisition, Groww will become one of the first fintech companies to enter the Rs 32-trillion asset management space. Groww has more than 15 million customers and offers services like mutual fund and stock market investing. The transaction is subject to market regulator Securities and Exchange Board of India (Sebi) and other regulatory approvals. In a release, Groww said Sebi’s recent change in sponsorship criteria for fintech companies has enabled it to enter into the asset management space. ....
Explore Now Online investment platform Groww on Tuesday announced that it will be acquiring Indiabulls Mutual Fund for a total consideration of Rs 175 crore. The digital platform will acquire Indiabulls Asset Management Company (IBAMC) and the trustee company for Rs 175 crore, which includes a cash and equivalent component of Rs 100 crore, an official statement said, adding that the transaction is subject to regulatory approvals. The Alternate Investment Fund (AIF) and Portfolio Management Service (PMS) businesses will be demerged from the existing IBAMC structure, and remain under Indiabulls Housing Finance, it said. The announcement comes months after capital markets regulator Sebi had allowed digital platforms like fintechs to enter the mutual funds business and Groww becomes the first fintech to enter the asset management space. ....