India, Jan. 22 -- Groww has never been shy about its ambition of becoming more than a broking app. Its latest deal with State Street Investment Management (SSIM) suggests that its ambition is now shifting from treating asset management as an adjacent offering to making it a core pillar of its business.

Nearly three years after its foray into the mutual fund business, Groww is selling a 23% stake in its asset management arm, Groww AMC, to SSIM for INR 580.02 Cr through a mix of primary and secondary capital.

The significance of the transaction lies less in the capital involved and more in the profile of the partner. State Street oversees more than $5 Tn in assets globally, and its interest underscores growing institutional confidence in ...