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).
