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Groww buys Indiabulls Asset Management Company.

There are a minimum of eight new fund houses that are holding back to begin operations. One of them is Groww, an online venture stage that permits you to purchase and sell your mutual funds (MFs). A week ago, Groww purchased Indiabulls Asset Management Company. With Rs 594 crore in resources, Indiabulls MF is one of the smallest asset houses in the Rs 32 trillion industry. By procuring a current fund house, Groww may have hurried the cycle a bit. A current AMC accompanies framework, progressing plans, fund managers and operational staff. It saves time for the new contestant in applying for new plan dispatches.

Acquiring an existing fund house isn’t as easy as it sounds. The acquisition comes with old schemes, many of which may be too small and without pedigree. Indiabulls AMC is nearly 10 years old. It has 10 schemes across debt, equity and hybrid categories. Equity funds include large-cap and tax-saving equity funds. Its largest equity fund is merely Rs 112 crore in size. Indiabulls Overnight Fund (Rs 192 crore) and Indiabulls Liquid Fund (Rs 115 crore) are two other large schemes. Generally, only corporations invest their overnight and short-term surpluses in such schemes.

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