Groww, an Indian investment platform, has completed the acquisition of Indiabulls Asset Management Company Ltd.’s mutual fund business. The acquisition follows Groww’s recently announced joint venture with Zerodha, which will offer mutual fund investment services to customers in India. With the acquisition of Indiabulls, Groww aims to expand its mutual fund offerings and increase its customer base. Indiabulls’ mutual fund business has assets under management (AUM) of around INR 5,000 crore (approximately USD 670 million), and Groww will acquire 100% of the business. The acquisition is subject to regulatory approval.
Groww, an Indian investment platform, has completed its acquisition of Indiabulls Asset Management Company’s mutual fund business for an undisclosed amount. The acquisition includes the transfer of Indiabulls’ mutual fund schemes to Groww, subject to regulatory approvals. This move comes just weeks after another Indian investment platform, Zerodha, announced a joint venture with Morningstar to launch a new mutual fund platform. The acquisition is expected to significantly expand Groww’s mutual fund offerings and help it strengthen its position in the highly competitive Indian investment market.