Indian wealth management platform Groww to buy Indiabulls' mutual funds business

Nextbillion Technology Pvt. Ltd, the parent which operates wealth management platform, Groww, on Tuesday said it has entered into a definitive agreement with Indiabulls Housing Finance Ltd (IBHFL) to acquire the mutual fund business of its subsidiaries Indiabulls Asset Management Company Limited (IAMCL) and Indiabulls Trustee Company Limited, for 175 crore ($24 million).

The deal includes a cash equivalent of 100 crore ($13.6 million), to be invested by Groww, and is subject to regulatory approvals by the Securities and Exchange Board of India (Sebi).

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter