• About
  • Contact
Sunday, July 3, 2022
  • Login
Next Big Brand
  • .
  • News
  • Marketing
  • Tech
  • Insight
  • Interviews
  • Internet
  • Startup
  • OTT
  • Industries
  • FMCG
  • CRYPTOCURRENCY
  • Retail
No Result
View All Result
Next Big Brand

Groww to Acquire lndiabulls’ Mutual Funds Business

Abdul Kadir Khan by Abdul Kadir Khan
October 12, 2021
in News
Reading Time: 3 mins read
A A
0
Groww app logo

Groww : NBB

Groww has shown promising growth in recent times. It is one of the popular wealth management firms to help small cities’ investors. In a recent development on Tuesday, the startup has revealed that it has agreed with Indiabulls Housing Finance Ltd(IBHFL) to acquire their mutual funds’ operations for Rs 175 crore.

Groww Acquires IBHFL’s Mutual Funds Portfolio

Groww has IBHFL had signed an agreement where Groww will take over the mutual funds(MF) business of IBHFL’s subsidiaries Indiabulls Asset Management Company Limited (IAMCL) and Indiabulls Trustee Company Limited. Groww will pay Rs 175 crore to acquire MF business.

Out of Rs 175 crore, grows will transfer cash equivalent of Rs 100 crore. The deal document has been sent to the Securities and Exchange Board of India(Sebi) for final approval.

In its filings with the Bombay Stock Exchange, IBHFL further stated that the transaction will be concluded by June 30, 2022.

Other than mutual funds, Indiabulls Asset Management firm also has two major operations: alternative investment fund(AIF) and portfolio management service. These two services will now be under IBHFL.

The current acquisition will help Groww to offer a variety of mutual funds and other products. It will help the startup in expanding its portfolio.

InShot 20210407 215149544 scaled
Groww: NBB

IBHFL and Groww Plans After the Deal

Talking about the future of Groww, Lalit Keshre, CEO and co-founder of Groww, said:

“Over the last five years, we have made investing simple and transparent for retail investors across the length and breadth of the country. We have experienced the power of technology in enabling the access of financial services to even those who do not live in metros or who are not HNIs. With the capability to create products, we plan to make mutual funds even more accessible by making them simpler, more transparent, and by lowering the cost further.”

Indiabulls is also quite happy with the current deal. Now, the firm will give its 100% to the real estate management business.

In its filings, IBFHL said:

“The real estate asset management business is complementary to the core business of the company and the sponsor (IBFHL) plans to grow this business in partnership with the global player(s). Therefore, the mutual fund business does not remain a core focus area for the company.”

Talking about real estate and AIF services, Gagan Banga, vice chairman, and managing director, Indiabulls Housing Finance, said:

“We have decided to divest our interest in the retail mutual fund business to be able to consolidate capital and provide greater focus in building the company’s real estate asset management business by way of AIF, in line with the company’s asset-light strategy.”

Recently, Groww has established itself as a trustworthy investment platform among tier II and tier III cities of India. The startup claims to have 15 million+ users with 250,000 investment plans available online. In the last 6 months, the firm has added 7 million users to its online platform. Overall, 60% of Groww subscribers belong to small cities in India. The startup recently got unicorn status also. 

Tags: Growwlndiabulls
Previous Post

Serum Institute is the Most Profitable ₹5,000 Crore Company in India

Next Post

YouTube Introduces $100 Million Short Video Funds for 2021-2022

Abdul Kadir Khan

Abdul Kadir Khan

Abdul Kadir Khan is a Content Writer at Next Big Brand. Hails from UP. Postgraduate in Computer Science. Content Maniac and Trainer. Love to write about startups, Brands, and Trending Tech.

Related Posts

Facebook Meta nft profiles
Cryptocurrency

Facebook Starts Testing Ethereum and Polygon NFTs on Profiles

July 1, 2022
Khaby Lame Binance
Cryptocurrency

Binance Taps Most Popular Tiktok Star Khaby Lame To Drive Web3 Adoption

June 30, 2022
Metawhale Team
Cryptocurrency

World’s First NFT Museum Launched By Metawhale World

June 30, 2022
WhiteHat Jr Ads- Next Big Brand
News

Byju’s-owned WhiteHat Jr Lays Off 300 Employees

June 29, 2022
Reliance CEO Mukesh Ambani
Industries

Mukesh Ambani Resigns as Director of Reliance Jio, Son Aakash Ambani Named Chairman

June 28, 2022
Cryptoys Logo
Cryptocurrency

Cryptoys Raises $23 Million to Mix NFTs, Gaming, and Virtual Toys

June 28, 2022
Next Post
Youtube Shorts:NBB

YouTube Introduces $100 Million Short Video Funds for 2021-2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

BROWSE BY TOPICS

Acquiring amazon Apple Brands brand story Byjus byjus news byjus the learning app Cryptocurrency Edtech Startups Elon Musk facebook fintech news Flipkart funding google Indian Crypto Startups Indian OTT Platforms Indian Unicorn Indian Unicorns Indian Unicorns of 2021 Mukesh Ambani Netflix NFT NFT Collection NFT India Non Fungible Tokens Ola OYO Paytm Reliance Retail Startup Acquisition Startup IPO startup news india startups in india Swiggy Tiktok Twitter Unicorns of 2022 Unicorns of India Unicorn Startups Upgrad WazirX YouTube Zomato
check more news on that pages youtube converter, filme online 2022, filme porno mature, porno amatoriale, nxnxx.org, https://xvideosxnxx.org, https://xoxporn.net

Instagram

Follow Me!

Recent News

  • Understanding The Most Popular Types of NFTs
  • Facebook Starts Testing Ethereum and Polygon NFTs on Profiles
  • Binance Taps Most Popular Tiktok Star Khaby Lame To Drive Web3 Adoption

Latest News

20220702 145214 0000

Understanding The Most Popular Types of NFTs

July 2, 2022
Facebook Meta nft profiles

Facebook Starts Testing Ethereum and Polygon NFTs on Profiles

July 1, 2022
  • About Us
  • Privacy Policy
  • Terms and Conditions
  • Disclaimer
  • DMCA Policy
  • Our Team
  • Contact Us
  • Sitemap

© 2019 NBB. All Rights Reserved.

No Result
View All Result
  • .
  • News
  • Marketing
  • Tech
  • Insight
  • Interviews
  • Internet
  • Startup
  • OTT
  • Industries
  • FMCG
  • CRYPTOCURRENCY
  • Retail

© 2019 NBB. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.