Groww Acquires Indiabulls' Mutual Funds Business For INR 175 Cr
India, May 11 -- India's latest wealth management unicorn Groww, managed by Nextbillion Technology Pvt Ltd, has announced the acquisition of Indiabulls Asset Management Company Limited (IAMCL) and its trustee Indiabulls Trustee Company Limited for INR 175 Cr. The acquisition is subject to the approval of market regulator Securities and Exchange Board of India (SEBI).
Launched in April 2017, Groww offers direct plans for mutual funds and a seamless and transparent approach to investing via a mobile app and web platform. The company was founded by former Flipkart employees Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal. The company competes with Steadview Capital and Tiger Global-backed IndWealth, Accel Partners' portfolio compan...
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