The Competition Commission of India (CCI) on Thursday approved the acquisition of Nextbillion Technology Pvt Ltd, the parent of stock and mutual fund platform Grow. Indiabulls Asset Management Company (AMC) and Indiabulls Trustee Company. NextBillion Technologies (Grow Group) is India’s investment technology platform.
The transaction involves a single share purchase agreement executed between the acquirer, Indiabulls Asset Management Company Limited (IAMCL) and Indiabulls Trustee Company Limited (ITCL) and Indiabulls Housing Finance Limited, according to a combination notice filed with the regulator.
“The Commission has approved the acquisition of Indiabulls Asset Management Company and Indiabulls Trustee Company by NextBillion Technologies,” the regulator said in a tweet.
grove Said in May that it would acquire Indiabulls Mutual Fund overall ₹175 crores, as reported PTI. This acquisition will help Grow to build new investment products as the operations team from IBHFL’s mutual fund business joins Grow. Taking over the mutual fund business of IBHFL will pave the way for a strong revenue gap for the startup, which is expected to benefit from the expense ratio charged on mutual fund products offered through the asset management company.
Bengaluru-based Grow Stockbroking, founded in 2017 by former Flipkart employees Lalit Keshare, Harsh Jain, Neeraj Singh and Ishaan Bansal, offers innovative avenues for equity-linked savings, SIPs, IPOs, ETFs and direct mutual funds.
Earlier this month, Nitin Kamath, founder of brokerage firm Zerodha, announced that the company has received in-principle approval from markets regulator SEBI to start its mutual fund business. Zerodha had applied for a license to start its Asset Management Company (AMC) in India in February 2020, a month before the country was hit by the Covid-19 pandemic.
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