Online investment platform Groww has announced that it is all set to acquire India Bulls Mutual Fund for Rs 175 crore
The consideration of Rs 175 crore includes a cash equivalent component of Rs 100 crore, the transaction is subject to regulatory approval, an official said.
Earlier, SEBI had allowed digital platforms. like fintech to enter the mutual funds business and Groww becomes the first fintech to enter the asset management space.
“With the capability to create products, we plan to make mutual funds even more accessible – by making them simpler, more transparent, and by lowering the cost further,” Lalit Keshre, the chief executive and co-founder of Groww, said.