Fintech firm Groww enters Rs 32-trillion MF space with Indiabulls purchase

Groww said Sebi's recent change in sponsorship criteria for fintech companies has enabled it to enter into the asset management space

Groww, a fast-growing technology-oriented investment platform, has signed an agreement with Indiabulls Housing Finance (IBHFL) to acquire Indiabulls Asset Management Company and Trustee Company for consideration of Rs 175 crore (including cash and cash equivalents of Rs 100 crore).

With this acquisition, Groww will become one of the first fintech companies to enter the Rs 32-trillion asset management space.

Groww has more than 15 million customers and offers services like mutual fund and stock market investing. The transaction is subject to market regulator Securities and Exchange Board of India (Sebi) and other regulatory approvals.

In a release, Groww said Sebi’s