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, trustee of IAMCL, for ₹175 crore. As a part of the filings, Indiabulls Housing Finance said that it will narrow its focus on its real estate asset management business through AIF structures, as it looks to operate with an asset-light strategy. “The real estate asset management business is complementary to the core business of the company and the sponsor (IBFHL) plans to grow this business in partnership with global player(s). Therefore, the mutual fund business does not remain a core focus area for the company," stated Indiabulls, as a part of its filing. At present, Groww claims it has 15 million users, with 250,000 systematic investment plans opened every month on its platform.

Source: Mint May 11, 2021 08:48 UTC