Groww, the popular online investment platform has successfully completed the acquisition of Indiabulls Mutual Fund Business, making a significant milestone in the company’s growth trajectory.
With the acquisition for ₹175.62 crore, the business has carried housing finance’ hundred percent acquisition.
With the addition of Indiabulls Mutual Fund Business, Groww now offers a wide range of mutual funds across different categories, including equity, debt, and hybrid funds, from over 40 top asset management companies in India. The platform also offers a host of other investment products, including stocks, digital gold, and US stocks and ETFs.
The acquisition is in line with Groww’s mission to democratize investment and make it accessible to everyone in India. The platform’s user-friendly interface and low-cost investing options have made it a popular choice among millennials and first time investors, who are looking to start their investment journey.
The stock filing stated, “We have pursuant to the intimations dated May 11, 2021, and September 10, 2021, informed the exchanges about the divestment by the Company of its entire stake in mutual fund business, being carried out by Indiabulls Asset Management Company Limited and Indiabulls Trustee Company Limited, trustee of IAMCL, to Nextbillion Technology Private Limited, part of the Groww group.” The closing was also stated to be on May 3, 2023. In conclusion, the acquisition of Indiabulls Mutual Fund Business by Groww is a landmark development in the Indian mutual fund market, which is witnessing a surge in demand for digital investment platforms. The move will help Groww expand its offerings and strengthen its position in the market, while also providing a wider range of investment options to its customers.