Groww and Zerodha to battle it out in mutual fund business after wooing India’s youngsters into stock market investing
Sep 10, 2021, 10:26 IST
- The Competition Commission of India (CCI) has today approved Groww’s acquisition of Indiabulls AMC.
- Reportedly, Groww has acquired the mutual fund business for ₹175 crore.
- The 5-year-old startup Groww is a stock broker and a registered mutual fund distributor with AMFI.
Advertisement
The Competition Commission of India (CCI) has approved Nextbillion Technology’s -- the parent of Groww -- acquisition of Indiabulls AMC.The mutual fund (MF) segment seems to be a lucrative opportunity for new age fintech startups in the country. Recently, investment platform Zerodha had also received an approval from India’s market regulator to enter the mutual fund business.
The announcement comes months after markets regulator Securities and Exchange Board of India (SEBI) had allowed digital finance platforms to enter the mutual funds business and Groww has become the first fintech to enter the asset management space.
Bengaluru-based Groww is a stockbroking startup founded by former Flipkart employees – Lalit Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal.
Reportedly, the digital platform bought Indiabulls AMC for ₹175 crore.
Advertisement
Groww seems to be well capitalised, given it has raised $83 million at a billion dollar valuation from US-based investor Tiger Global and others in April.
SEE ALSO: Income tax filing deadline for FY21 extended to December 31
JioPhone Next launch delayed until Diwali due to chip shortage